Aeron Composite fixes price band at Rs 121-125 a share for Rs 56 cr IPO

Aeron Composite Ltd on Saturday said it has fixed the price band at Rs 121-125 per share for its SME initial public offering which will open for subscription on August 28.

The company plans to raise up to Rs 56.10 crore from its SME public issue, Aeron Composite said in a statement.

The company has received approval to launch its public issue on NSE Emerge Platform of the National Stock Exchange, it added.

The public issue will conclude on August 30. Investors can bid for a minimum of 1,000 shares and in multiples thereof.

The IPO is entirely a fresh issue of 44.88 lakh equity shares of face value Rs 10 each.

Retail investor quota for the initial public offering (IPO) is kept at not less than 35 per cent of the net offer, Non institutional investor quota is kept at not less than 15 per cent of the offer and QIB portion is kept at not more than 50 per cent of the offer.

The company has proposed to utilise IPO proceeds for funding the capital expenditure requirements towards settin