Aether Industries Limited

Aether Industries Limited’s Initial Public Offering to open on May 24, 2022, sets price band at ₹ 610 to ₹ 642 per Equity Share

Mumbai, May 19, 2022: Surat-based Aether Industries Limited (“The Company”) has fixed the price band at ₹ 610 to ₹ 642 per Equity Share for its maiden public offer. The initial public offering (“IPO” or “Offer”) of the Company will open on Tuesday May 24, 2022, for subscription and close on Thursday, May 26, 2022. Investors can bid for a minimum of 23 Equity Shares and in multiples of 23 Equity Shares thereafter.

The IPO consists of a fresh issue of equity shares aggregating to ₹ 627 crore and an offer for sale (OFS) of up to 2,820,000 equity shares.

The Offer is being made through the Book Building Process, wherein not more than 50% of the Offer shall be available for allocation to Qualified Institutional Buyers, not less than 15% of the Offer shall be available for allocation to Non-Institutional Bidders and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders.

In addition, the company through a private placement of 2,024,921 equity shares aggregating to Rs 130 crore were allotted to IIFL Special Opportunities Fund- Series 9 and 10, SBI Fund Management Limited, India Acorn Fund Limited and Ashoka India Equity Investment Trust Plc and The Regents of the University of California – IIFL Asset Management Limited.

Aether Industries is a speciality chemical manufacturer in India focused on producing advanced intermediates and speciality chemicals involving complex and differentiated chemistry and technology core competencies.

As of March 31, 2022, the Company's product portfolio comprised of over 25 products. The Surat-based company is the only manufacturer of 4MEP, MMBC, T2E, OTBN, NODG, DVL and Bifenthrin Alcohol in India and the largest manufacturer of 4MEP, T2E, NODG and HEEP in the world, by volumes; 4MEP, T2E, MMBC, NODG, BFA, OTBN, NMDG and DVL products were 100% imported into India from China four years ago and now Aether is selling these products in China.

The Company has two sites at Sachin in Surat (Gujarat, India). The initial manufacturing facility is a 3,500-square-metres space that houses R&D, analytical sciences laboratories, a pilot plant, a CRAMS facility, and a hydrogenation facility. The Second Manufacturing Facility is a large-scale manufacturing facility is a 10,500 square metres space and houses 16 production streams. It has an installed capacity of 6,096 MT per year and is divided into three buildings (and one SRP Plant Stream).

For the nine-months ended December 31, 2021, Aether Industries revenue from operations stood at Rs 442.54 crore and net profit at Rs 82.91 crore. The Company's revenue from operations grew 49.04% to Rs. 449.82 crores in Fiscal 2021 from Rs. 301.81 crore in Fiscal 2020, while its net profit climbed 77.98% to Rs 71.12 crore in Fiscal 2021 from Rs. 39.96 crores in Fiscal 2020.

HDFC Bank Limited and Kotak Mahindra Capital Company Limited are the book running lead manager to the issue and Link Intime India Private Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.