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Aether Industries IPO Subscribed 6.26 Times On Final Day Of Offer

The initial share sale received bids for 5,85,34,586 shares against 93,56,193 shares on offer

Aether Industries IPO Subscribed 6.26 Times On Final Day Of Offer
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The initial public offer of speciality chemicals company Aether Industries was subscribed 6.26 times on the final day of subscription on Thursday, helped by a strong interest from institutional buyers.

The initial share sale received bids for 5,85,34,586 shares against 93,56,193 shares on offer, according to the NSE data.

The portion meant for qualified institutional buyers received 17.57 times subscription, while non institutional investors category was subscribed 2.52 times and retail individual investors 1.14 times.

The Initial Public Offer (IPO) had a fresh issue of up to Rs 627 crore and an offer for sale of up to 28,20,000 equity shares.

Its price range was at Rs 610-642 per share.

On Monday, Aether Industries said it has raised a little over Rs 240 crore from anchor investors.

Proceeds from the fresh issuance will be used to fund capital expenditure requirements for a 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.

HDFC Bank and Kotak Mahindra Capital Company were the managers to the offer. 

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