Specialty chemicals company Ather Industries’ three-day initial public offering (IPO) was subscribed 6.26x on the last day of its membership, helped by strong interest from institutional buyers. The issue was open from May 24 to May 26, 2022.
Bids were received for 5,85,34,586 shares as against 93,56,193 shares in the initial share sale. 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. IPO,
As per market observers, Ather Industries shares remain stable and commanding a premium (GMP) 15 in the gray market today. The shares of the company are expected to debut tomorrow i.e. on 3rd June 2022 on the stock exchanges BSE and NSE.
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 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.
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.
It started with a research and development (R&D) unit in 2013 and started commercial production in 2017. It caters to the pharmaceutical, agricultural chemicals, materials science, electronic chemicals, high performance photography and oil and gas industry sectors.
The company’s operating revenue increased 450 crore in FY 2011, as compared to 302 crore in FY20, while its net profit climbed 71 crore in FY 2011, from 40 crore in FY20.