The IPO of Aether Industries will open on 24th May and close on 26th May. It will open for anchor investors on 23 May. Through this the company will raise Rs 627 crore. This Gujarat-based company produces advanced intermediate and specialty chemicals.
In the midst of the ongoing turmoil in the stock market, the initial market remains bright. This month many companies introduced their issues in the initial market. Next week also an IPO is going to knock in the market. The IPO of specialty chemical company Ather Industries is opening on 24 May. It will close on 26th May.
The issue will open for anchor investors on May 23. ThisIPOThere will be a fresh issue of Rs 627 crore and Offer for Sale (OFS) of 28.2 lakh shares. Under the OFS, the shareholders and promoters of the company will sell their stake.
The amount raised from IPO will be spent here
Out of the amount raised from this IPO, Rs 190 crore will be used for the new unit of Ather Industries to be set up in Surat. While a loan of Rs 138 crore will be repaid. Rs 165 crore will be used to meet the working capital requirements of the company. As of December 2021, the company had a debt of Rs 234.73 crore.
The shares issued under this IPO will come in the account on June 2. On June 3, this stock will be listed in the market. HDFC Bank and Kotak Mahindra Capital are the book running lead managers of this IPO.
Ather Industries is established in 2013. This Gujarat-based company produces advanced intermediate and specialty chemicals. It has two units. Its production capacity is 6,096 metric tonnes per annum. It caters to the pharmaceutical, agrochemical, material science, electronic chemical, high performance photography and specialty chemical requirements of the Oil & Gas industry.
increase in profits
The total income of the company in the 9 months (April-December) of the financial year 2021-22 was Rs 442.54 crore. Earlier, in the last financial year 2020-21, the income was Rs 334.09 crore. The net profit of the company has increased to Rs 82.91 crore from April-December 2021. The company had a net profit of Rs 71 crore in the financial year 2020-21 and Rs 40 crore in 2019-20.
