Aeroflex Industries has witnessed investors such as Ashish Kacholia and Jagdish Master increase stakes ahead of its initial public offering (IPO) scheduled this month. The IPO seeks to raise Rs 350 crore and comprises a fresh equity shares issue worth up to Rs 160 crore and an offer for sale of up to 17.5 million equity shares by promoter shareholders. More than 7% stakes in the firm were purchased by the investors over two months. Aeroflex's metallic flexible flow solutions account for more than 80% of the firm's revenues and are used by fire-fighting, space, aviation, and other sectors.