Aether Industries surges 21% on listing day to end at Rs 777 on BSE

This was the second highest gain on debut this year for IPOs of over Rs 150 cr, after Campus Activewear

Shares of Aether Industries rose 21 per cent during their stock market debut on Friday. The listing day gain was the second highest this year for IPOs of over Rs 150 crore in size after Campus Activewear. Shares of Aether closed at Rs 777, up Rs 135, or 21 per cent, over its issue price of Rs 642 per share.

Aether Industries is a manufacturer of advanced intermediates and active ingredients, catering to the pharma and speciality chemical industries.

The company’s Rs 808-crore IPO had garnered 6.3 times due to strong demand from qualified institutional buyers (QIBs).

The QIB portion of the IPO was subscribed 17.6 times, high networth individual portion 2.52 times and retail portion 1.14 times. The company raised Rs 627 crore of fresh capital through the IPO. The remaining Rs 181 crore was secondary share sale.

At the last close, Aether market cap was nearly Rs 9,670 crore. Its stock now trades at over 90 times its trailing 12-month earnings per share of Rs 8.5. Industry peers Clean Science & Technology and Fine Organic are trading at P/E multiple of over 80 times, as per analysts.