Gem Aromatics' Rs 451-crore IPO subscribed 30.27 times

New Delhi, Aug 21 (PTI) The initial public offer of speciality ingredients manufacturer Gem Aromatics Ltd got subscribed 30.27 times on the last day of share sale on Thursday.

The IPO received bids for 29,61,15,202 shares against 97,82,363 shares on offer, as per NSE data.

Qualified Institutional Buyers (QIBs) part got subscribed 55.28 times, while the category for non-institutional investors received 45.06 times subscription. The quota for Retail Individual Investors (RIIs) fetched 10.31 times subscription.

Gem Aromatics on Monday mobilised over Rs 135 crore from anchor investors.

The price band has been fixed at Rs 309 to Rs 325 per share.

The IPO is a mix of fresh issue of equity shares worth up to Rs 175 crore and an offer for sale (OFS) of up to 85 lakh shares valued at Rs 276.25 crore.

Proceeds from the fresh issue will be used by Gem Aromatics for debt repayment and general corporate purposes.

Gem Aromatics is a manufacturer of speciality ingredients, including essential oils, aroma chemicals, and value-added derivatives, with over two decades of experience.

Its client portfolio includes names like Colgate-Palmolive, Dabur, Patanjali, SH Kelkar, Rossari Biotech, and Symrise.

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

Motilal Oswal Investment Advisors is the sole book-running lead manager to the offer. PTI SUM SUM SHW