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The initial public offering (IPO) of specialty chemicals company Aether Industries was subscribed 6.26 times on the final day of subscription, helped by a strong interest from institutional buyers. The share sale received bids for 5,85,34,586 shares against 93,56,193 shares on offer.

The finalization of basis of the share allotment of Aether Industries IPO has been done this week and now all eyes are on the company's shares listing.

Aether Industries shares are commanding a premium (GMP) of 15 in the grey market today, as per market observers. The shares of the company are expected to debut on stock exchanges BSE and NSE this week on Friday, June 3, 2022.

The initial share sale had a fresh issue of up to 627 crore and an offer for sale (OFS) of up to 28,20,000 equity shares. Its price range was at 610-642 per share. Aether Industries raised a little over 240 crore from anchor investors ahead of its public issue.

The portion meant for qualified institutional buyers received 17.57 times subscription, while non institutional investors category was subscribed 2.52 times and retail individual investors 1.14 times. 

Proceeds from the fresh issuance will be used to fund capital expenditure requirements for a proposed new project in Surat, Gujarat, fund working capital requirements and for payment of debt. HDFC Bank and Kotak Mahindra Capital Company were the managers to the offer.

Aether Industries is a specialty chemicals manufacturer in India, focused on producing advanced intermediates and specialty chemicals involving complex and differentiated chemistry and technology core competencies. 

The company's operating revenue grew to 450 crore in FY21, as compared to 302 crore in FY20, while its net profit climbed to 71 crore in FY21, from 40 crore in FY20.

“Considering its dominant position in the select specialty chemicals and growth prospects from the end use applications, we feel the company has buoyant outlook. However, a stretched valuation is a concern," said brokerage Choice Broking in the IPO note.

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