Aether Industries IPO sets price band at Rs 610-642 equity share

20 May 2022 , 10:50 AM

Aether Industries, speciality chemical manufacturer, has fixed the price band at Rs610-642 per equity share for its initial public offering (IPO) which will kick off for subscription on May 24. The Bid/Offer closes on Thursday, May 26, 2022.

The issue consists of issuance of fresh equity shares of Rs627 crore and offer for sale (OFS) of up to 28.2 lakh equity shares by existing shareholders and promoter aggregating to Rs181.04 crore.

The Minimum Bid Lot is 23 Equity Shares and in multiples of 23 Equity Shares thereafter.
The anchor investors allotment date on Monday, May 23, 2022.

HDFC Bank Limited and Kotak Mahindra Capital Company Limited are the Book Running Lead Managers to the issue.

As of March 31, 2022, the Company’s product portfolio comprised of over 25 products. The Surat-based company is the only manufacturer of 4MEP, MMBC, T2E, OTBN, NODG, DVL and Bifenthrin Alcohol in India and the largest manufacturer of 4MEP, T2E, NODG and HEEP in the world, by volumes; 4MEP, T2E, MMBC, NODG, BFA, OTBN, NMDG and DVL products were 100% imported into India from China four years ago and now Aether is selling these products in China.

For the nine-months ended December 31, 2021, Aether Industries revenue from operations stood at Rs442.54 crore and net profit at Rs82.60 crore. The Company’s revenue from operations grew 49.04% to Rs449.82 crores in Fiscal 2021 from Rs301.81 crore in Fiscal 2020, primarily attributed to revenue generated from the sale of products under its Large-Scale manufacturing of Specialty Chemicals business, while its net profit climbed 77.99% to Rs71.19 crore in Fiscal 2021 from Rs39.96 crores in Fiscal 2020.