Aeron Composite fixes price band at Rs 121-125/share for Rs 56-cr IPO; issue opens on Aug 28

New Delhi, Aug 24 (PTI) Aeron Composite Ltd on Saturday said it has fixed the price band at Rs 121-125 per share for its SME initial public offering which will open for subscription on August 28.

The company plans to raise up to Rs 56.10 crore from its SME public issue, Aeron Composite said in a statement.

The company has received approval to launch its public issue on NSE Emerge Platform of the National Stock Exchange, it added.

The public issue will conclude on August 30. Investors can bid for a minimum of 1,000 shares and in multiples thereof.

The IPO is entirely a fresh issue of 44.88 lakh equity shares of face value Rs 10 each.

Retail investor quota for the initial public offering (IPO) is kept at not less than 35 per cent of the net offer, Non institutional investor quota is kept at not less than 15 per cent of the offer and QIB portion is kept at not more than 50 per cent of the offer.

The company has proposed to utilise IPO proceeds for funding the capital expenditure requirements towards setting up of an additional manufacturing unit at Mehsana, Gujarat and general corporate purposes.

The company reported revenue of Rs 179.1 crore for FY 2023-24 (till February 2024) and net profit stood at Rs 9.42 crore during the period.

Aeron Composite Ltd is engaged in the business of manufacturing and supplying of Fiberglass Reinforced Polymer Products i.e. FRP products including, FRP Pultruded Products, FRP Moulded Gratings & FRP Rods tailored for various industrial applications.

It exports products to more than 30 countries.

Hem Securities Ltd is the sole book running lead manager, while Maashitla Securities Pvt Ltd is the registrar for the issue.