Final hours! Gem Aromatics IPO closes today; subscription up 6x, GMP at 9%

Gem Aromatics IPO attracted bids for around 59.62 million equity shares, compared to 9.78 million shares available for subscription

Gem Aromatics IPO subscription status Day 3: The initial public offering (IPO) of speciality ingredients manufacturer Gem Aromatics will close for subscription on Thursday, August 21, 2025. The ₹451.25 crore public issue opened for public subscription on Tuesday, August 19, and has received a decent response from investors. 

 

As of 12:15 PM on Thursday, data from the National Stock Exchange (NSE) shows that the IPO attracted bids for approximately 59.62 million equity shares, significantly exceeding the 9.78 million shares available for subscription. This translates to an overall subscription rate of 6.1 times.

 

The demand was led by non-institutional investors (NIIs) as they subscribed to the portion reserved for them by 12.83 times. Retail investors' portion was subscribed 5.67 times, while the Qualified Institutional Buyers (QIBs) segment was subscribed 1.58 times.

 

Gem Aromatics IPO grey market premium (GMP)

On the last day of bidding, Gem Aromatics' unlisted shares were trading at ₹354 per share, commanding a premium of ₹29 or 9 per cent compared to the upper end of the price band of ₹309 to ₹325, according to sources tracking unofficial markets.   ALSO READ | Shreeji Shipping Global IPO ends; check subscription status, GMP

Gem Aromatics IPO review

Analysts at Anand Rathi believe that the IPO is fully priced and assigned a 'Subscribe- Long Term' rating to the issue. Swastika Investmart also recommended 'Subscribing' to the issue, citing consistent growth in both revenue and profitability and the company's strong customer relations. READ MORE 

Gem Aromatics IPO key details

The ₹451.25 crore IPO of Gem Aromatics comprises a fresh issue of 5.4 million equity shares. Gem Aromatics' IPO is priced between ₹309 and ₹325 per share. The minimum bid lot consists of 46 shares, implying a retail investor should invest at least ₹14,950 to apply for one lot at the upper price band. A retail investor can apply for up to 13 lots or 598 shares, which would require an investment of ₹1,94,350.

 

With the subscription window closing today, the IPO allotment status is likely to be finalised on Friday, August 22. Investors can expect shares to be credited to their demat accounts by Monday, August 25. The tentative listing date for Gem Aromatics on both the BSE and NSE is Tuesday, August 26.

 

Kfin Technologies is the registrar for the issue. Motilal Oswal Investment Advisors is the sole book-running lead manager. 

 

As per the red herring prospectus (RHP), the company proposes to utilise the net fresh issue proceeds for repayment of debt and general corporate purposes.