Shares of Aether Industries made a stellar market debut today as the speciality chemicals manufacturer listed at Rs 706.15, a premium of 10 per cent over its issue price of Rs 642 on BSE. The stock listed at Rs 704 on NSE.
A day before listing, Aether Industries commanding a premium of Rs 25-30 in the grey market, signaling a positive listing.
Later, Aether Industries stock zoomed 21 per cent or Rs 134.75 to Rs 776.75 on BSE. It was trading 10 per cent higher to the opening price of Rs 706.15. The market cap of Aether Industries stood at Rs 9,669 crore. A total of 3.82 lakh shares of the firm changed hands amounting to a turnover of Rs 29.24 crore on BSE.
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On NSE, market cap of Aether Industries rose to Rs 9,639 crore. A total of 37.48 lakh shares of the firm changed hands amounting to a turnover of Rs 274.82 crore on BSE.
The initial public offering (IPO) of Aether Industries was open for subscription from May 24 to May 26. The company raised Rs 808.04 crore through the IPO.
The issue was subscribed 6.26 times on the final day. The portion reserved for qualified institutional buyers (QIBs) was subscribed 17.6 times. The portions for HNI and retailers' were subscribed 2.52 and 1.14 times, respectively.
Aether Industries raised garnered Rs 240.326 crore from anchor investors a day ahead of its initial share sale. The company informed the bourses that it has allocated 37,42,495 shares at Rs. 642 per share on Monday, May 23, 2022 to anchor investors.
SBI Mutual Fund, Ashoka India Opportunities Fund (White Oak), The Nomura Trust, Goldman Sachs Funds were among the 7 DIIs and 6 FPIs investors that participated in the anchor book.
In addition, shares were allocated to domestic funds like Axis Mutual Fund, Aditya Birla Mutual Fund, Kotak Mutual Fund, IDFC Mutual Fund, Tata Mutual Fund, Max Life Insurance in the anchor book along with FPI like IIFL UCAL, Allianz Global Investor, Amundi mutual funds.
The lot size of the IPO was 23 shares for which one would have to spend Rs 14,766. A retail-individual investor could apply for up to 13 lots or 299 shares by spending Rs 1,91,958.
The allotment of shares was finalised on May 31, 2022. The stake of promoters fell to 87.09 per cent post the issue against the pre-issue stake of 96.96 per cent. Link Intime India Private Ltd was the registrar to the IPO.
HDFC Bank Limited and Kotak Mahindra Capital Company Limited were the book running lead managers for the issue.
Incorporated in 2013, Aether Industries Limited is a manufacturer of speciality chemicals. The company is the sole manufacturer in India of chemicals such as 4-(2-Methoxyethyl) Phenol (4MEP), 3-Methoxy-2-Methylbenzoyl Chloride (MMBC), Thiophene-2-Ethanol (T2E), Ortho Tolyl Benzo Nitrile (OTBN), N-Octyl-D-Glucamine, Delta-Valerolactone and Bifenthrin Alcohol.
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