• Business Corporate / Business

Aeroflex Industries IPO, solely lead managed by Pantomath Capital, debuted today on 83% premium

• nationalherald
• August 31, 2023

by Prashant Kapadia/NHN

IPOs of Aeroflex Industries Ltd and VPRP Ltd had received responses of over INR 43000 Crores of subscription applications backed by exceptional institutional bids

• Pantomath Capital was the Book Running Lead Manager to both the IPOs: Sole Lead ii Aeroflex and Co-Lead along with Choice Capital in VPRP Ltd.

• Together with a Pre-IPO of Rs 76 Crores, Aeroflex and its Promoter, Sat Industries Ltd, raised a total of Rs 427 Crores.

• In addition to marquee anchor investors’ participation in both IPOs; QIB Portion in Aeroflex was subscribed over 194 times, and VPRP subscribed over 171 times.

• VPRP Ltd IPO of INR 309 Crores garnered INR 19,150 Crores as it was subscribed over 87 times.

• Aeroflex Ltd IPO of INR 351 Crores garnered INR 24,500 Crores as it was subscribed over 97 times.

Mumbai, Thursday, August 31, 2023: Mumbai-based Aeroflex Industries made a stellar listing debut today on BSE at a premium of 82.78% at Rs.197.40. Pantomath Capital is the sole Book Running Lead Manager in Aeroflex Industries IPO.  Together with Pre-IPO of Rs 76 Crores, Aeroflex and its Promoter, Sat Industries Ltd, raised a total of Rs 427 Crores.

On Tuesday, September 5, 2023, Jodhpur-based VPRP Ltd will be listed on BSE and NSE subject to receipt of necessary approvals. Pantomath Capital is the co-lead book running lead manager along with Choice Capital to this IPO.

Mahavir Lunawat, Managing Director of Pantomath Capital Advisors Private Limited, lead manager of both the IPOs, said, “We are excited having received an overwhelming response from investors. We have garnered gross subscription (before rejection) of more than Rs. 43,000 Crores in both the IPOs of Aeroflex and VPRP. This level of participation demonstrates the market depth and also the favor primary issuances get from investors. Notably, the subscription was fueled by institutional demand, which is even more encouraging.”

Aeroflex Industries Ltd and VPRP Ltd together had garnered INR 43,650 Crores of gross subscriptions. Aeroflex IPO was subscribed 97.11 times in which QIB portion was subscribed 194.73 times. On the other hand, VPRP Ltd IPO was subscribed 87.82 times in which QIB portion was subscribed 171.69 times.

Details	Aeroflex	VPRP	Total
IPO Size (INR Crores)	351	309	660
Subscription Garnered (INR Crores)	24500	19150	43650
Subscription in Times	97.11	87.82
QIB Subscription Times	194.73	171.69
Number of Applications	27,68,343	20,82,232	48,50,575

Source – BSE and NSE disclosures

Notably, both the IPO subscriptions were led by heavy institutional demand. Mutual funds, insurance treasuries and AIFs participated in anchor books of both the IPOs. Nippon Mutual Fund, Invesco Mutual Fund and White Oak Mutual Fund led the anchor book of Aeroflex, whereas Quant Mutual Fund, Kotal Mahindra Life Insurance and Max Life Insurance led the anchor book of VPRP Ltd.

Remarkably, Aeroflex IPO had received more than 27 lakh applications, which is the highest number of applications received in any IPO so far this year.

On the other hand, VPRP Ltd has received over 20 lakh applications.

About Pantomath Group: In less than a decade, since its incorporation, Pantomath has become one of the fastest-growing merchant banks backed by fund management and distribution verticals. The Group has recently expanded into wealth management, fin-tech, stock broking, and distribution by acquiring a significant stake in Asit C Mehta Financial Services Limited, a 40-year legacy created by Deena Mehta and Asit C Mehta.

Pantomath Group was founded by Ms. Madhu Lunawat and Mr. Mahavir Lunawat on 5th December 2013. Mahavir Lunawat is an industry veteran with extensive expertise in capital markets & investment banking and Madhu Lunawat has over two decades of experience in investment management, corporate finance, asset reconstruction, and many other related financial services.

For over a decade, Pantomath Group has been reaching out to businesses at the remotest locations across the length and breadth of India. The team at Pantomath travels to small towns and villages, scans through the industrial clusters, and identifies high-growth businesses. Over the period, the Pantomath Group has emerged as India’s largest private network having direct corporate connect with more than 7,000 business houses.

Pantomath Capital Advisors Pvt Ltd, the Group’s investment banking entity, is a SEBI Registered Category I Merchant Banker having an impeccable track record of lead managing more than 100 IPOs. Pantomath is one of the very few Investment Banks who deal in full stack equity space including Private Equity, Mergers and Acquisitions, and Equity Capital Market. It is one of the most trusted investment bankers to mid-market businesses, family offices, and leading investors.

Pantomath has global presence through its M&A network in more than 12 countries. It has rich experience and deep connections with strategic buyers and sellers across the globe to host a plethora of opportunities for its clients. At Pantomath, a dedicated team of multi-disciplinary professionals has extensive M&A expertise.

The Group has forayed into fund management and launched India Inflection Opportunity Fund, a pre-IPO category II AIF. Besides, the Group has PMS, global investment advisory and basket investment products in its fund management division.