Mumbai: The ₹808 crore-initial public offering of Aether Industries was subscribed 6.26 times on Thursday – the final day of bidding. The speciality chemical manufacturer received bids for 58.5 million shares against 9.35 million shares on offer.
The qualified institutional buyer portion was subscribed 17.57 times. The portion reserved for non-institutional investors witnessed a subscription of 2.52 times. The retail and employee categories were subscribed 1.14 times and 1.06 times, respectively.
The IPO consisted of a fresh issue of shares worth ₹627 crore, and an offer for sale (OFS) of up to 2.82 million shares. The price band of the issue was ₹610-642 apiece.
The company will use ₹163 crore out of proceeds from its fresh share issuance to fund the proposed greenfield project in Surat. It will use ₹137.9 crore for the repayment or prepayment of borrowings, while ₹165 crore will be partly used for funding working capital requirements.