Speciality chemicals company Aether Industries Ltd’s initial public offering (IPO) had been subscribed 6.26 times on the third and final day of booking. Investors had bid for over 5.85 crore units against an IPO size of 93.56 lakh shares.
Retail investors had bid for 1.14 percent of the portion set aside for them, while non-institutional investors have subscribed to 2.52 times of their 19.47 lakh share quota.
Qualified institutional buyers (QIB) sent in bids for 17.57 times of the 27.48 lakh shares reserved for them, while the employee portion was booked 1.06 times.
The chemicals company aims to raise Rs 808.04 crore through the IPO, which consists of a fresh issue of Rs 627 crore and an offer-for-sale of up to 2.82 million shares.
Of the proceeds, Rs 190 crore will be used to fund greenfield projects in Surat, Rs 138 crore to pay debts and Rs 165 crore for funding working capital requirements, the company has said.
HDFC Bank and Kotak Mahindra Capital are the lead managers to the issue.
Shares are expected to be credited on June 2 and the firm is likely to list on exchanges the next day.
Aether Industries is into manufacturing advanced intermediates and speciality chemicals at its two facilities in Gujarat.
For the nine months ended December 31, 2021, the firm's revenue stood at Rs 442.54 crore against Rs 334.09 crore a year ago. Net profit for the period was Rs 82.91 crore, up from Rs 48.25 crore in the previous year. As of December 2021, the firm had a debt of Rs 234.73 crore.
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