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The initial share sale of Gem Aromatics Ltd, a manufacturer of speciality ingredients, got fully subscribed on day one of bidding on Tuesday.
The initial public offering (IPO) received bids for 1,00,64,616 shares against 97,82,363 shares on offer, translating into 1.03 times subscription, as per NSE data.
Retail Individual Investors (RIIs) part received 1.08 times subscription while the category for Qualified Institutional Buyers (QIBs) got subscribed 1.05 times. Non-institutional investors category received 88 per cent subscription.
Gem Aromatics on Monday mobilised over Rs 135 crore from anchor investors.
The Rs 451-crore IPO will conclude on August 21. The price band has been set at Rs 309 to Rs 325 per share.
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The IPO is a mix of fresh issue of equity shares worth up to Rs 175 crore and an offer for sale (OFS) of up to 85 lakh shares valued at Rs 276.25 crore.
Proceeds from the fresh issue will be used by Gem Aromatics for debt repayment and general corporate purposes.
Gem Aromatics is a manufacturer of specialty ingredients, including essential oils, aroma chemicals, and value-added derivatives, with over two decades of experience.
Its client portfolio includes names like Colgate-Palmolive, Dabur, Patanjali, SH Kelkar, Rossari Biotech, and Symrise, among others.
The company operates three advanced manufacturing facilities in Uttar Pradesh, Dadra and Nagar Haveli, and Gujarat.
Motilal Oswal Investment Advisors is the sole book running lead manager to the offer.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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