India's Aeroflex Industries soars over 81% in debut trade (updated)

Aeroflex Enterprises

31/08/2023 06:47

(Recasts paragraph 1 with valuation, adds listing details
throughout)
       BENGALURU, Aug 31 (Reuters) - Shares of Indian metallic
tubes and hose maker Aeroflex Industries  AERO.NS  surged as
much as 81.8% in trading debut on Thursday, valuing the company
at 25.39 billion Indian rupees ($307.14 million).
    The Mumbai-based firm's share price rose to 196.35 rupees
apiece during the session so far, compared to the initial public
offer (IPO) price of 108 rupees. 
    The 23.2 million shares allotted to certain investors were
subscribed 97.11 times at the end of bidding on Aug. 24, raising
243.50 billion rupees, data from the National Stock Exchange
showed. 
    The 3.51-billion rupees IPO consisted of a fresh issue of
shares worth 1.62 billion rupees and an offer for sale of shares
from existing shareholders and parent SAT Industries  STIN.NS 
worth 1.89 billion rupees, according to a prospectus.
    Aeroflex joins other listings, such as Mankind Pharma
 MNKI.NS , Blackstone's Nexus Select Trust  NEXE.NS  and Concord
Biotech  CONB.NS  that fared well in the capital market amid
improved domestic sentiment.
        As of 11:11 a.m. IST, benchmark Nifty 50  .NSEI  was
down about 0.2%. 
  

($1 = 82.6650 Indian rupees)

 (Reporting by Rama Venkat and Hritam Mukherjee in Bengaluru;
Editing by Nivedita Bhattacharjee and Eileen Soreng)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;
 +91 8095218099;))