Specialty chemicals company Ather Industries Initial Public Offering (IPO) will open for public subscription next week on Tuesday, May 24 and end on May 26. The bidding for anchor investors will open on May 23. The firm has fixed a price band. 610-642 per share for its initial public offering (IPO).
Earning Premium (GMP) of Ather Industries Shares 18-20 in the gray market today, according to market observers. The shares of the company are expected to be listed on the stock exchanges BSE and NSE on June 3, 2022.
The company has cut the size of the fresh issue of equity shares from 627 crore 757 crore plan pre planned post postIPO appointment. In addition to the fresh issue, there will be an offer for sale (OFS) of 28.2 lakh equity shares by the promoter. At the upper end of the price band, the public issue is expected 808 crores.
The proceeds from the fresh issuance will be used to meet capital expenditure requirements, working capital requirements and pay off debt for the proposed new project at Surat, Gujarat.
Ather Industries is a specialized chemicals manufacturer in India focused on the production of advanced intermediate and specialty chemicals incorporating complex and differentiated chemistry and technology core competencies. As of March 31, 2022, the company’s product portfolio comprises more than 25 products.
Ather has in-house R&D facilities and pilot plant at Manufacturing Facility 1 at Sachin in Surat, Gujarat for its pipeline and next generation products development as well as for its CRAMS customers. Most of Ather’s products are exported to about 18 countries internationally including Italy, Spain, Germany, USA.