IPO Wrap: Aether Industries IPO subscribed 6.26 times on final day led by QIBs and non institutional investors

The shares which are to be allocated for the qualified institutional buyers (QIBs) was subscribed 17.57 times, while those of non institutional investors was subscribed 2.52 times and that of retail individual investors (RIIs) was subscribed 1.14 times, the data showed. Apart from them, the employees’ segment was subscribed 1.06 times.

The Aether IPO comprises a fresh issue of Rs 627 crore and an offer-for-sale (OFS) of 28,20,000 equity shares. Promoter Purnima Ashwin Desai will be selling the stake through the OFS.

The 3-day IPO had opened for subscription on Tuesday, May 24, 2022, and concluded at 5 pm today. It has a price band of Rs 610-642 per share.

Before heading into the IPO, the company had raised over Rs 240.26 crore (Rs 2,40,26,81,790) from 25 anchor investors.

Aether Industries is a specialty chemicals manufacturer in India focused on producing advanced intermediates and specialty chemicals involving complex and differentiated chemistry and technology core competencies. It started with a research and development (R&D) unit in 2013 and began commercial production in 2017. It caters to the pharmaceutical, agrochemical, material science, electronic chemical, high-performance photography and oil and gas industry segments.

Going ahead, investors will now look forward to the share allotment date of the issue. The finalisation of the basis of allotment for Aether Industries is expected to take place on Tuesday, May 31, 2022, as per the information provided in the red herring prospectus.