Gem Aromatics Secures ₹135.4 Cr via Anchor Book Pre-IPO
By : Krishna Mishra
Mumbai-based Gem Aromatics, a producer of specialty ingredients including essential oils, aroma chemicals and value-added derivatives, has raised ₹135.4 crore from 13 institutional investors through its anchor book on August 18, a day before the IPO opened.
The company’s ₹451.25-crore IPO will be available for public subscription between August 19 and August 21, with a price band fixed at ₹309 to ₹325 per share. The issue consists of a fresh issue worth ₹175 crore along with an offer-for-sale of 85 lakh shares by existing shareholders, including investor Doterra Enterprises which currently holds 25 percent stake.
In a filing to the exchanges, Gem Aromatics confirmed the allocation of 41.65 lakh shares to anchor investors at ₹325 per equity share. Among the major participants in the anchor book were Citigroup Global, Societe Generale, Goldman Sachs, Nippon India, SageOne, Nuvama and Niveshaay Sambhav Fund, along with other institutional investors.