Gem Aromatics Ltd. raised Rs 135.4 crore from anchor investors on Monday ahead of the launch of its initial public offering. The company allotted 4.16 lakh shares at Rs 325 apiece to 14 anchor investors, according to an exchange filing.
The investors include Nippon India Equity Opportunities Aif-Scheme 7, Citigroup Global Markets Mauritius Pvt. Ltd., Societe Generale-ODI and Goldman Sachs Investments (Mauritius) I Ltd.
Nippon India Equity Opportunities Aif netted 22.16% of the allocation, while Sageone-Flagship Growth 2 Fund and Nuvama Multi Asset Strategy Return Fund secured 7.39% stake each.
No domestic mutual fund participated in the pre-IPO fundraising round.
The price band for the IPO is set between Rs 309 and Rs 325 per share. Gem Aromatics will raise the approved funds via both fresh issue of shares and offer for sale component, as per the red herring prospectus.
It will use the net proceeds for the pre-payment or repayment of its outstanding borrowings availed by the company and its subsidiary, Krystal Ingredients Pvt. Ltd.
Additionally, the funds will also be utilised for general corporate purposes.
The company is a producer of specialty ingredients like essential oils, aroma chemicals and value-added derivatives in India for over two decades.
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