Gem Aromatics IPO Subscription: Speciality ingredients maker Gem Aromatics’ Rs 451-crore initial public offering (IPO) continued to draw strong investor interest on the last day of bidding, Thursday, August 21, with the issue having been subscribed nearly 7.73 times so far.

Aroung 1 pm, the IPO received bids for 7.56 crore shares against the 97.82 lakh shares on offer, according to the BSE data. The non-institutional investors’ (NII) segment led the demand with a 16.89 times subscription, followed by the retail individual investors (RIIs) quota at 6.37 times, while the qualified institutional buyers (QIBs) category was subscribed 3.04 times.

On Monday, the company had already raised over Rs 135 crore from anchor investors. The IPO, which closes on Thursday, is being offered in a price band of Rs 309–325 per share.

The issue comprises a fresh equity issue worth up to Rs 175 crore and an offer for sale (OFS) of up to 85 lakh shares amounting to Rs 276.25 crore. Net proceeds from the fresh issue will be utilised for debt repayment and general corporate purposes.

Lead manager, registrar details

Motilal Oswal Investment Advisors is the sole book-running lead manager to the issue, while Kfin Technologies is serving as the registrar.

What does Gem Aromatics do?

Gem Aromatics, with over two decades of experience, manufactures speciality ingredients such as essential oils, aroma chemicals, and value-added derivatives. Its clients include leading FMCG and personal care companies like Colgate-Palmolive, Dabur, Patanjali, SH Kelkar, Rossari Biotech, and Symrise.

The company operates three manufacturing facilities located in Uttar Pradesh, Dadra & Nagar Haveli, and Gujarat.