Gem Aromatics IPO Sees Overwhelming Demand with 30.27 Times Subscription

Gem Aromatics Ltd, a prominent manufacturer of specialty ingredients, witnessed overwhelming interest in its initial public offering (IPO) on Thursday. The IPO was subscribed 30.27 times, indicating strong demand among investors.

Data from the National Stock Exchange (NSE) revealed that the IPO attracted bids for 29,61,15,202 shares, significantly surpassing the 97,82,363 shares on offer. Qualified Institutional Buyers (QIBs) showed immense interest, with their segment subscribed 55.28 times. Non-institutional investors' demand was also high at 45.06 times, while Retail Individual Investors (RIIs) sought 10.31 times the available shares.

Gem Aromatics, boasting over two decades of experience in manufacturing essential oils and aroma chemicals, plans to utilize the IPO proceeds for debt repayment and general corporate purposes. The company operates manufacturing units across Uttar Pradesh, Dadra and Nagar Haveli, and Gujarat, serving esteemed clients such as Colgate-Palmolive and Dabur.

(With inputs from agencies.)