Specialty chemicals company Ather Industries’ initial public offering (IPO) was subscribed 6.26x on the last day of subscription, helped by strong interest from institutional buyers. Bids were received for 5,85,34,586 shares as against 93,56,193 shares in the share sale.
Finalization of basis for Ather Industries share allotment IPO Expected to be held on Tuesday, May 31, 2022, and if allotted, the shares will be credited to the demat account of the bidders on Thursday, June 2. The registrar link for this IPO is Intime India Pvt Ltd, hence the allotment application can be checked on its website Here or on BSE website Here,
Heading the Premium (GMP) of Ather Industries Shares According to market observers, today in gray market 20. The company’s shares are expected to be listed on the stock exchanges BSE and NSE this week on Friday, June 3, 2022.
The initial share sale had a new issue of up to 627 crore and offer for sale (OFS) of 28,20,000 equity shares. its price range was 610-642 per share. Ather Industries up a bit 240 crores from anchor investors before its public issue.
The eligible institutional buyers’ share was subscribed 17.57 times, while the non-institutional investor segment was oversubscribed 2.52 times and retail individual investors 1.14 times.
The proceeds from the fresh issue will be used to fund capital expenditure requirements, working capital requirements and pay off debt for a proposed new project in Surat, Gujarat. HDFC Bank and Kotak Mahindra Capital Company were the managers of the offer.
Ather Industries is a specialized chemicals manufacturer in India, focused on the production of advanced intermediates and specialty chemicals, incorporating complex and differentiated chemistry and technology core competencies.