Aether Industries IPO: GMP ahead of subscription opening next week
Premium- Aether Industries IPO's price band has been fixed at ₹610-642 per share
Specialty chemicals company Aether Industries initial public offering (IPO) 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 firm has fixed a price band of ₹610-642 per share for its initial public offering (IPO).
Aether Industries shares are commanding a premium (GMP) of ₹18-20 in the grey market today, as per market observers. The shares of the company are expected to list on stock exchanges BSE and NSE on June 3, 2022.
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.
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.
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Aether has in-house R&D Facilities and Pilot Plant at Manufacturing Facility 1 at Sachin in Surat, Gujarat for the development of its pipeline and next-generation products as well as for their CRAMS customers. Aether's majority of the products are exported internationally to about 18 countries including Italy, Spain, Germany, the United States.