Ather Industries was subscribed 33% on the first day of IPO issue
New Delhi:
Specialty chemicals company Ather Industries’ initial share sale saw 33 per cent subscription on the first day of the offer on Tuesday.
According to NSE data, the initial public offer (IPO) of Ather received bids for 30,41,635 shares as against 93,56,193 shares.
The share of Retail Individual Investors (RIIs) got 42 per cent subscription, while Qualified Institutional Buyers (QIBs) got 36 per cent subscription and non-institutional investors got 5 per cent subscription.
The IPO offers fresh issue of up to Rs 627 crore and sale of 28,20,000 equity shares.
The price range for the offer is Rs 610-642 per share.
On Monday, Ather Industries said it has raised over Rs 240 crore from anchor investors ahead of its initial share sale.
The proceeds from the new 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.
HDFC Bank and Kotak Mahindra Capital Company are the managers of the offer.
(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)