Aeron Composite Ltd Secures Rs 15.17 Crore from Anchor Investors Ahead of IPO

Aeron Composite Ltd, a fibreglass reinforced polymer products supplier, has raised Rs 15.17 crore from anchor investors. The Ahmedabad-based firm has allocated 12,14,000 equity shares priced at Rs 125 each. The IPO, aiming to raise Rs 56.10 crore, will be open for subscription until August 30 on the NSE Emerge platform.

Fibreglass reinforced polymer products supplier Aeron Composite Ltd has secured Rs 15.17 crore from anchor investors.

The Ahmedabad-based firm has allocated 12,14,000 equity shares at Rs 125 per share, which is the upper end of its IPO price band, according to a company statement.

Anchor investors include India Ahead Venture Fund, Nav Capital VCC, AG Dynamic Funds Limited, Craft Emerging Market Fund PCC, Finavenue Capital Trust, and Galaxy Noble Global Opportunities Fund PCC.

The company's Initial Public Offering (IPO) aims to raise Rs 56.10 crore and is open for subscription on the NSE Emerge platform of the National Stock Exchange until August 30. Investors can bid for a minimum of 1,000 shares and in multiples thereof.

Aeron Composite has set the IPO price band at Rs 121-125 per share, entirely a fresh issue of 44.88 lakh equity shares.

The IPO's retail investor quota is set at 35% of the net offer, the HNI quota at 15%, and the QIB portion at 50%.

The company plans to use Rs 39 crore of the raised funds for capital expenditure, including setting up an additional manufacturing unit in Mehsana, Gujarat, and other corporate purposes.

In FY2023-24, the firm reported revenue of Rs 179.1 crore and a net profit of Rs 9.42 crore, compared to Rs 179.38 crore in revenue and Rs 6.61 crore in profit in FY2022-23.

Incorporated in 2011, Aeron Composite Ltd specializes in manufacturing and supplying fibreglass reinforced polymer products.

(With inputs from agencies.)