CORPORATE
Aeron Composite lines up Rs Rs 56.10-crore IPO; issue opens on Aug 28
- IBJ Bureau
- Aug 28, 2024
Ahmedabad-based Aeron Composite, a leading company engaged in manufacturing and supply of fibre-glass-reinforced polymer products, is planning to raise up to Rs 56.10 crore from its SME public issue.
The company has received approval to launch its public issue on NSE Emerge Platform of National Stock Exchange (NSE). The public issue opens for subscription on August 28 and closes on August 30.
Out of the proceeds of the public issue, Rs 39 crore will be utilised to fund the capital expenditure requirements towards setting up of a manufacturing unit at Mehsana, Gujarat, and for general corporate purpose. Hem Securities is the book-running lead manager of the issue.
The initial public offer (IPO) of Rs 56.10 crore, comprises of a fresh issue of 44.88 lakh equity shares of face value Rs 10 each. He company has finalised a price band of Rs 121-125 per equity share for the public issue. The minimum lot size for retail investors is 1,000 shares, amounting to a minimum investment of Rs 1,25,000 at the upper price band of Rs 125 per share. The retail investors’ quota for the IPO is kept at not less than 35 per cent of the net offer, HNI quota at not less than 15 per cent of the offer and QIB portion at not more than 50 per cent of the offer.
Incorporated in 2011, Aeron Composite Ltd is engaged in the business of manufacturing and supplying of fibre-glass-reinforced polymer products (FRP products), including FRP pultruded products, FRP moulded gratings and FRP rods, tailored for various industrial applications.
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