The ₹351-crore initial public offering of Aeroflex Industries saw a strong response from all category investors and it was subscribed over 97 times.

The public issue, which came with a price band of ₹102-108, received bids for of 225.37 crore shares, against 2.32 crore shares on offer.

The non-institutional investors’ portion was subscribed 126.10 times, while retail investors’ portion by 34.35 times. The Qualified Institutional Buyer portion was the most subscribed at 194.73 times, while the quota for Reservation Portion Shareholders was subscribed 28.52 times. 

The IPO consists of a fresh issue worth ₹162 crore and an offer-for-sale (OFS) of up to 1.75 crore shares by promoter Sat Industries.

As part of the IPO process, Aeroflex Industries raised ₹104 crore from anchor investors ahead of the issue by allocating 95.99 lakh shares to 15 funds at ₹108 apiece.

Proceeds from the fresh issue will be utilised for payment of debt, and to fund working capital requirements besides acquisitions for inorganic growth.