Aeron Composite Ltd, a leading manufacturer of fiber glass reinforced polymer products, is set to raise up to Rs. 56.10 crore through its upcoming initial public offering (IPO). The public issue will open for subscription on August 28 and close on August 30, 2024. The company will issue 44.88 lakh equity shares with a face value of Rs. 10 each, priced between Rs. 121 and Rs. 125 per share.
The funds raised will be directed towards setting up an additional manufacturing unit in Mehsana, Gujarat, and for general corporate purposes. Hem Securities Ltd is the book running lead manager for this issue. The IPO’s minimum lot size is 1,000 shares, requiring a minimum investment of Rs. 1.25 lakh at the upper price band.
Aeron Composite Ltd, established in 2011 and certified by ISO 9001:2015, is involved in the production of FRP products used across various industrial applications. The company’s manufacturing facility in Ahmedabad spans over 26,000 square meters. For FY23-24 (till February 2024), the company reported a revenue of Rs. 179.14 crore and a net profit of Rs. 9.42 crore. The IPO’s entry into Kolkata could attract significant interest due to the city’s growing industrial base and demand for advanced composite materials. Investors in Kolkata might find the issue appealing given Aeron Composite’s robust financial performance and strategic expansion plans, offering a promising opportunity for growth and returns in a thriving industrial sector.
