JSA advised Aether Industries Limited (“Aether”) in relation to their initial public offering of equity shares (“IPO”) comprising of a fresh issue of INR 6,270.00 million and an offer for sale of INR 1,810.44 million, at a price of Rs. 642 per equity share, aggregating to a total IPO size of INR 8,080.44 million. As per news reports, the IPO was oversubscribed by 6.26 times with the QIB portion being oversubscribed by 17.57 times. The IPO was in addition to a Pre-IPO Placement of INR 1,300 million to various marquee investors.
The book running lead managers to the IPO were HDFC Bank Limited and Kotak Mahindra Capital Company Limited.
Aether is a speciality chemical manufacturer in India producing advanced intermediates and speciality chemicals involving complex and differentiated chemistry and technology core competencies. Aether is one of the fastest growing specialty chemical companies in India, growing at CAGR of ~49.53% between Fiscals 2018 and 2021. (Source: F&S Report).
JSA team comprised Lead Partner – Arka Mookerjee, Partner – Siddhartha Desai, Senior Associate – Krupa Brahmbhatt, and Associate – Varshini Puni.
Arka’s practice area covers primarily equity capital markets issuances which covers a wide range of products such as Initial Public Offerings, Rights Issues, Qualified Institutions Placements, Initial Public Offering of Infrastructure Trusts and foreign currency convertible bonds.