Gem Aromatics Hits Stock Market Debut with Vigorous Trading Start
Gem Aromatics, a manufacturer of speciality ingredients, debuted on the stock market with a modest premium. The firm, which has over two decades of experience, experienced robust demand during its IPO, closing at 30.27 times subscription. Proceeds will be used for debt repayment and corporate purposes.
- Country:
- India
Gem Aromatics, a renowned speciality ingredients manufacturer, debuted on the stock exchanges on Tuesday. The company's shares initially traded at Rs 333.10, a 2.49% increase from its Rs 325 issue price on the NSE, and later surged to Rs 349.60, marking a 7.57% rise.
On the BSE, the shares listed flat at the issue price before climbing 7.38% to Rs 349. The firm now holds a market valuation of Rs 1,771.62 crore on the NSE. The IPO, which closed last Thursday, saw a strong demand with a 30.27 times subscription.
With a price band set between Rs 309 and Rs 325, the IPO encompasses both a fresh equity issue raising up to Rs 175 crore and an offer for sale totaling 85 lakh shares worth Rs 276.25 crore. The funds are earmarked for debt repayment and corporate enhancements.
(With inputs from agencies.)
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Gem Aromatics IPO Sees Overwhelming Demand with 30.27 Times Subscription
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