Gem Aromatics IPO Subscribed 2.90 Times on Day 2

New Delhi, Aug 20 (PTI) Speciality ingredients manufacturer Gem Aromatics's Rs 451-crore initial public offer garnered 2.90 times subscription on the second day of bidding on Wednesday.

The three-day IPO received bids for 2,83,51,410 shares against 97,82,363 shares on offer, as per NSE data.

Non-institutional investors category got subscribed 3.95 times, while the quota for Retail Individual Investors (RIIs) received 3.19 times subscription. Qualified Institutional Buyers (QIBs) part fetched 1.54 times subscription.

Gem Aromatics on Monday mobilised over Rs 135 crore from anchor investors.

The Rs 451-crore IPO will conclude on Thursday. The price band has been set at Rs 309 to Rs 325 per share.

The IPO is a mix of fresh issue of equity shares worth up to Rs 175 crore and an offer for sale (OFS) of up to 85 lakh shares valued at Rs 276.25 crore.

Proceeds from the fresh issue will be used by Gem Aromatics for debt repayment and general corporate purposes.

Gem Aromatics is a manufacturer of speciality ingredients, including essential oils, aroma chemicals, and value-added derivatives, with over two decades of experience.

Its client portfolio includes names like Colgate-Palmolive, Dabur, Patanjali, SH Kelkar, Rossari Biotech, and Symrise.

The company operates three advanced manufacturing facilities in Uttar Pradesh, Dadra and Nagar Haveli, and Gujarat.

Motilal Oswal Investment Advisors is the sole book-running lead manager to the offer.