Gem Aromatics IPO Subscribed 2.9 Times On Day 2, Check GMP

Gem Aromatics Ltd.'s initial public offer has been subscribed 2.9 times on the second day of bidding on Wednesday.

It is a book-built issue worth Rs 451.25 crore. The mainboard issue comprises a fresh issue of 54 lakh shares, totalling Rs 175 crore, and an offer-for-sale component of 85 lakh shares, worth Rs 276.25 crore.

• IPO opens: Aug. 19

• IPO closes: Aug. 21

• Issue size: 1.39 crore shares

• Fresh issue: Rs 175 crore

• Tentative allotment date: Aug. 22

• Tentative listing date: Aug. 26

• Face value: Rs 2 per share

• Issue type: Bookbuilding IPO

• Listing platform: BSE, NSE

Gem Aromatics intends to fulfill prepayment or repayment for all or a portion of certain outstanding borrowings. The company will also use proceeds for general corporate purpose.

Gem Aromatics IPO was subscribed 2.9 times as of 5 p.m. on Wednesday.

• Qualified Institutions: 1.54 times

• Non-Institutional Buyers: 3.95 times

• Retail Investors: 3.19 times

The grey market premium for Gem Aromatics IPO was Rs 26, as of 05:34 p.m. on Aug. 20, according to InvestorGain. This implies a potential listing around Rs 351 per share, marking a premium of 8%.

GMP or grey market price is not an official indicator and is based on market speculation.