Ahead of the listing, the company’s shares traded with a premium of 27% to the issue price.
The IPO, which was completely a fresh equity sale of Rs 56.1 crore, received a decent investor response with a subscription of over 40 times at close.
Net proceeds from the public offer will be used for funding the capital expenditure requirements towards setting up of an additional manufacturing unit and other general corporate purposes.
Aeron Composite is engaged in the business of manufacturing and supplying of Fiber Glass Reinforce Polymer Products i.e., FRP products including FRP Pultruded Products, FRP Moulded Gratings & FRP Rods tailored for various industrial applications.FRP product is a composite material consisting of a polymer matrix (resins) reinforced with fibers such as fiberglass, carbon or aramid. This combination offers numerous benefits, including corrosion resistance, chemical resistance, high strength, lightweight properties, electrical and thermal non-conductivity, and ease of fabrication.The company is generating revenue from a combination of domestic operations and international endeavours from more than 30 countries
across the Globe, serving over 800 customers. It has garnered 52%, 34%, and 36% of its total revenue from export sales for the fiscal years 2023, 2022, and 2021 respectively.
Currently, it is serving various industrial segments such as telecommunication, oil and gas, refineries, renewable energy, chemicals etc.
The company’s clientele includes government entities as well as major corporations like Grasim, Larsen & Toubro, Tata Projects
among others.
Hem Securities acted as the book-running lead manager for the IPO, while Maashitla Securities was the registrar.
