Gem Aromatics Ltd's IPO Sparks Strong Investor Interest
The IPO of Gem Aromatics Ltd, a manufacturer of specialty ingredients, was fully subscribed on its first day, receiving bids 1.03 times the shares on offer. The company, which operates advanced manufacturing facilities and serves major clients, aims to raise funds for debt repayment and corporate purposes.
- Country:
- India
Gem Aromatics Ltd, a leading manufacturer in the specialty ingredients sector, witnessed its initial share sale being fully subscribed on the first day of bidding. The IPO, which attracted significant attention, saw bids for over 1.03 times the shares available.
The offering received a warm response from retail individual investors and qualified institutional buyers, recording subscriptions of 1.08 and 1.05 times respectively. Gem Aromatics had earlier garnered Rs 135 crore from anchor investors, indicating the strong market confidence in its business model.
The Rs 451-crore IPO is set to conclude on August 21, featuring a price range of Rs 309 to Rs 325 per share. Proceeds will be directed towards debt repayment and general corporate purposes, cementing the company's robust position within the aroma chemicals and essential oils industry.
(With inputs from agencies.)
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