MUMBAI, MAY 24, 2022 (GPN): The Initial Public Offering (IPO) of Surat-based Aether Industries Limited (“Company”), a speciality chemical manufacturer in India focused on producing advanced intermediates and speciality chemicals involving complex and differentiated chemistry and technology core competencies, received bids of 30,41,635 shares against the offered 93,56,193 equity shares, at a price band of ₹610-642, according to the data available on the stock exchanges. Overall the issue was subscribed 0.33 times on the first day of bidding.
Employee portion was subscribed the most with 0.54 times followed by Retail Investors with 0.54 times. Qualified institutional buyer portion was subscribed 0.36 times. The reserved portion of non-institutional investors witnessed a subscription of 0.05 times. The issue kicked off for subscription on Tuesday, May 24 and will be open till Thursday, May 26.
In a pre IPO placement of 2,024,921 equity shares, aggregating to Rs 130 crore were allotted to IIFL Special Opportunities Fund- Series 9 and 10, SBI Fund Management Limited, India Acorn Fund Limited and Ashoka India Equity Investment Trust Plc and The Regents of the University of California – IIFL Asset Management Limited.
On Monday, Aether Industries Limited raised Rs 240.26 crore from 13 anchor investors i.e SBI Mutual Fund, Ashoka India Opportunities Fund (White Oak), The Nomura Trust, Goldman Sachs Funds, Axis Mutual Fund, Aditya Birla Mutual Fund, Kotak Mutual Fund, IDFC Mutual Fund, Tata Mutual Fund, Max Life Insurance, IIFL UCAL, Allianz Global Investor, Amundi mutual funds, who were allotted 37,42, 495 equity shares at the upper price band of Rs 642 per share.
Brokerage houses like Ventura Securities and Choice Broking have given recommended “Subscribe” rating to the issue.
As per analysts, Aether’s operational capabilities are supported by the fact that they are among the few Indian specialty chemical companies to have successfully launched these 3 separate business models in just 5 years into commercial manufacturing. During this period, the company has built a diversified portfolio of advanced intermediates and speciality chemicals involving complex and differentiated chemistry. The company is also a domestic and international market leader in all of its major products.
HDFC Bank Limited and Kotak Mahindra Capital Company Limited are the book running lead manager to the issue and Link Intime India Private Limited is the registrar to the offer.
Company Information
Aether Industries started with a research and development (R&D) unit in 2013 and began commercial production in 2017. It caters to the pharmaceutical, agrochemical, material science, coatings, high performance photography, additives and oil & gas segments of the chemicals industry.
As of March 31, 2022, the Company’s product portfolio comprised of over 25 products. The Surat-based company is the only manufacturer of 4MEP, MMBC, T2E, OTBN, NODG, DVL and Bifenthrin Alcohol in India and the largest manufacturer of 4MEP, T2E, NODG and HEEP in the world, by volumes; 4MEP, T2E, MMBC, NODG, BFA, OTBN, NMDG and DVL products were 100% imported into India from China four years ago and now Aether is selling these products in China.
| AETHER INDUSTRIES LIMITED
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| Sr.No. | Category | No.of shares offered / reserved | No. of shares bid for | No. of times of total meant for the category |
| 1 | Qualified Institutional Buyers (QIBs) | 27,48,241 | 9,81,318 | 0.36 |
| 1(a) | Foreign Institutional Investors (FIIs) | – | – | – |
| 1(b) | Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | – | 9,81,318 | – |
| 1(c) | Mutual Funds | – | – | – |
| 1(D) | Others | – | – | – |
| 2 | Non Institutional Investors | 19,47,222 | 1,01,361 | 0.05 |
| 2(a) | Corporates | – | 345 | – |
| 2(b) | Individuals (Other than RIIs) | – | 1,01,016 | – |
| 2(c) | Others | – | – | – |
| 3 | Retail Individual Investors (RIIs) | 45,43,517 | 18,95,200 | 0.42 |
| 3(a) | Cut Off | – | 16,16,072 | – |
| 3(b) | Price Bids | – | 2,79,128 | – |
| 4 | Employee Reserved | 1,17,213 | 63,756 | 0.54 |
| 4(a) | Employee (Cut off) | – | 60,306 | – |
| 4(b) | Employee (Price) | – | 3,450 | – |
| 5 | Reservation PortionShareholder | – | – | – |
| 5(a) | RPS (Cut off) | – | – | – |
| 5(b) | RPS (Price) | – | – | – |
| Total | 93,56,193 | 30,41,635 | 0.33 | |
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