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Shares of specialty chemical firm Aether Industries are expected to list on Friday, June 3, 2022. Its three day initial public offer (IPO) was subscribed 6.26 times by the end of its subscription, helped by a strong interest from institutional buyers. Stock market analysts expect Aether Industries' shares listing to be moderate.

Aether Industries got a better response compared to the recent IPOs. Experienced promoters, decent margins and impressive top-bottom line growth works in favour of the company. However, the issue was richly priced. Amid volatile market conditions, we may see the listing on a positive note and the issue may list at a marginal premium of around 3-5%," said Abhay Doshi, founder of UnlistedArena.

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. The offer, which was open for public subscription from May 24-26, 2022, had price range at 610-642 per share. Aether Industries raised a little over 240 crore from anchor investors ahead of its public issue.

"Aether's IPO received a good response from investors, especially on the institutional side, there is a lack of action in the grey market, so it is difficult to predict the exact listing price. However, we believe that the company deserves this premium multiple due to its phenomenal growth prospects. Nevertheless, we expect a positive listing for the issue, and post listing, long-term investors may accumulate the stock," said Aayush Agrawal, Senior Analyst, Swastika Investmart Ltd.

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.

“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," brokerage Choice Broking had said in the IPO note.

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