Aether Industries' Rs 808-cr IPO to open May 24; price band at Rs 610-642

Proceeds from the fresh issuance will be used to fund the speciality chemicals company's capex requirements for the proposed new project in Surat, fund working capital requirements and to pay debt

Speciality chemicals company Aether Industries on Thursday said it has fixed a price band of Rs 610-642 for its Rs 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 Rs 627 crore from Rs 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