Aether Industries is a leading chemical manufacturer in the business of producing leading pharmaceutical drugs and other medicinal aids.
On Friday Aether Industries had made its stock market debut with a listing of Rs. 704 apiece on the National Stock Exchange(NSE). Moreover, the price was at a 9.7% premium to its original IPO issue price of Rs. 642 per share. The chemical company in question was subscribed 6.26 times in the IPO listing, all due to the strong interest by institutional buyers.
The market trend was much better than the one expected after the end of the final day of its subscription. It was anticipated by the grey market. Which is an unofficial or dark market in unlisted shares. Where dealers had mentioned and debated how the company only managed to secure a Rs. 10-20 premium in the last days. This was definitely overturned today when the premium went to the height of Rs. 62 premium.
The initial share sale was at the price of rupees 627 crores at the start, with around 28,20,000 shares listed to the public under offer for sale(OFS).
During its pubic subscription period from 24-26 May, the price range was between rupees 610-642 per share in the multiples of 23. The company had raised a total of around rupees 240 crores ahead of the company’s public listing on the market.
According to the speculation the company is about to use its proceeds from fresh issuance for a special project in Surat, Gujarat. And would fund the special requirements needed to clear off its debts in the market. At the higher end, Aether’s finest stock is market at a price of Rs 14766.
