Speciality chemicals company Aether Industries on Thursday said it has fixed a price band of ₹610-642 for its ₹808-crore initial public offering (IPO).

The initial share-sale will open for public subscription on May 24 and conclude on May 26. The bidding for anchor investors will open on May 23, the company announced.

The company has cut the size of the fresh issue of equity shares to ₹627 crore from ₹757 crore planned earlier following the pre-IPO placement. Apart from fresh issue, there will be an offer-for-sale (OFS) of up to 28.2 lakh equity shares by the promoter. At the upper end of the price band, the public issue is expected to fetch ₹808 crore.

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.

Half of the issue size has been reserved for qualified institutional investors, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.

Investors can bid for a minimum of 23 equity shares and in multiples of 23 thereafter.

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.

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.

The company's operating revenue grew to ₹450 crore in FY21, from ₹302 crore in FY20. Its net profit climbed to ₹71 crore in FY21, from ₹40 crore in FY20.

HDFC Bank and Kotak Mahindra Capital Company are the book running lead managers to the issue.

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