Aether Industries’ Rs 808-crore IPO will open for subscription on 24 May and close on 26 May. The company has fixed a price band at Rs 610-642 per equity share of face value of Rs 10 each. Investors can make bids for a minimum of 23 equity shares and in multiples of 23 shares thereafter. Up to 50 per cent of the net offer will be reserved for Qualified Institutional Buyers (QIBs), 15 per cent for Non-Institutional Investors (NIIs), and the remaining 35 per cent for retail investors. The book running lead managers to the issue are HDFC Bank, and Kotak Mahindra Capital. While Link Intime India will be the registrar to the issue.
According to the red herring prospectus (RHP), the finalisation of the basis of allotment of IPO shares will take place on 31 May, while the initiation of refunds or unblocking of funds will happen on 1 June. The equity shares will be credited to demat account allottees on 2 June. Aether Industries’ shares may list on BSE and NSE on 3 June 2022.
Aether Industries issue consists of fresh issue of equity shares worth Rs 627 crore and offer for sale (OFS) of up to 28.2 lakh equity shares by existing shareholders and promoter aggregating to Rs 181.04 crore. According to the company’s RHP, the size of the fresh equity block has been cut to Rs 627 crore from Rs 757 crore earlier, following its pre-IPO placement plans.
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.The company caters to the pharmaceutical, agrochemical, material science, electronic chemical, high performance photography and oil and gas industry segments.
The company’s operating revenue grew to Rs 450 crore in FY21, from Rs 302 crore in FY20. Its net profit climbed to Rs 71 crore in FY21, from Rs 40 crore in FY20.