Gem Aromatics raises Rs 135.4 crore via anchor book ahead of IPO

Gem Aromatics IPO

Mumbai-based Gem Aromatics, which manufactures specialty ingredients including essential oils, aroma chemicals and value-added derivatives, has raised Rs 135.4 crore from 13 institutional investors via anchor book on August 18, a day before the issue opening.

The company will open its Rs 451.25-crore IPO for public subscription on August 19, and close on August 21 with price band of Rs 309-325 per share.

The IPO is a combination of fresh issue of Rs 175 crore, and an offer-for-sale of 85 lakh shares by existing shareholders including investor Doterra Enterprises which holds 25 percent stake.

Gem Aromatics in its filing to exchanges on Monday said it has finalised allocation of 41.65 lakh shares to anchor investors at Rs 325 per equity share.

Citigroup Global, Societe Generale, Goldman Sachs, Nippon India, SageOne, Nuvama, and Niveshaay Sambhav Fund were among 13 institutional investors participated in the anchor book.

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Gem Aromatics intends to utilise Rs 140 crore of fresh issue proceeds for repaying debt, and the remainder funds for general corporate purposes. As of June 2025, the total borrowings of the company and its subsidiaries stood at Rs 259.8 crore.

The company offers 70 products across four product categories mint and mint derivatives, clove and clove derivatives, phenol, and other synthetic and natural ingredients through its three manufacturing facilities Budaun, Uttar Pradesh; Silvassa, Dadra and Nagar Haveli and Daman and Diu; and Dahej, Gujarat.

In India, Gem Aromatics has a dominant presence in essential oil-based products and derivatives that are manufactured from mint, clove, eucalyptus oils and other essential oils. Also, it has long-standing relationships with several marquee customers such as Colgate-Palmolive (India), Dabur India, Patanjali Ayurved, SH Kelkar and Company, Rossari Biotech, Doterra, and Ventos So Brasil Eireli.

Motilal Oswal Investment Advisors is acting as the sole book running lead manager for the Gem Aromatics IPO.