Specialty chemical firm Aether Industries fixes price band for its IPO, issue to open next week
Premium- Aether Industries' IPO will open next week on May 24
Speciality chemicals company Aether Industries' has fixed a price band of ₹610-642 per share for its initial public offering (IPO), reported news agency PTI. The issue will open for public subscription next week on Tuesday, May 24 and conclude on May 26. The bidding for anchor investors will open on May 23.
The company has cut the size of the fresh issue of equity shares to ₹627 crore from ₹757 crore planned earlier following the pre-IPO placement. Apart from fresh issue, there will be an offer-for-sale (OFS) of up to 28.2 lakh equity shares by the promoter. At the upper end of the price band, the public issue is expected to fetch ₹808 crore.
Proceeds from the fresh issuance will be used to fund capital expenditure requirements for the proposed new project in Surat, Gujarat, fund working capital requirements and for payment of debt.
The shares will be offered at a face value of ₹10 each. Of the total IPO size - 50% of the portion will be allocated to qualified institutional buyers (QIBs), while 15% will be kept for non-institutional investors (NIIs), and the remaining 35% will be reserved for retail individual investors (RIIs).
HDFC Bank and Kotak Mahindra Capital Company are the book running lead managers to the issue. The shares of the company are expected to list on stock exchanges BSE and NSE on June 3, 2022. Link Intime India Private Ltd is the registrar of the issue.
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Aether Industries is a speciality chemicals manufacturer in India focused on producing advanced intermediates and speciality chemicals involving complex and differentiated chemistry and technology core competencies. As of March 31, 2022, the company's product portfolio comprises over 25 products.