Aether Industries files draft papers with Sebi; eyes Rs 1,000 cr via IPO

Speciality chemicals company Aether Industries has filed its preliminary prospectus with markets regulator Sebi to raise Rs 1,000 crore through an initial public offering (IPO).

The public issue consists of a fresh issue of equity shares aggregating to Rs 757 crore and an offer-for-sale of up to 2,751,000 equity shares, according to the draft red herring prospectus (DRHP).

The company may also consider raising Rs 131 crore by issuing equity shares through a preferential offer.

According to market sources, the company is expected raise Rs 1,000 crore through its IPO.

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 Rs 450 crore in FY21, from Rs 302 crore in FY20, and its net profit climbed to Rs 71 crore in FY 21, from Rs 40 crore in FY20.

Recently, the Surat-based company raised over Rs 100 crore from White Oak Capital and IIFL in a pre-IPO round.

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