Shares of Surat-based firm Aether Industries Ltd. listed at a premium to its IPO price on market debut.
The stock listed at Rs 704 on the National Stock Exchange, a 9.66% premium to its issue price of Rs 642. It, then, hit upper circuit at Rs 774.4 apiece (nearly 21% over issue price) and closed the day at that level.
The company, which makes intermediates and active ingredients for pharmaceutical, materials science, agro chemical and specialty chemical industries, saw its IPO subscribed 6.26 times. The IPO comprised a fresh issue worth Rs 627 crore and an offer for sale of 28.2 lakh shares by the promoter group and other selling shareholders, to fetch investors Rs 181 crore at the upper end of the price band.
The company plans to evenly distribute the proceeds from the fresh issue for capital expenditure for a greenfield project, pre-payment or repayment of borrowings and working capital requirements.
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