Gem Aromatics Ltd.’s initial public offer has been subscribed 2.9 times on the second day of bidding on Wednesday.
It is a book-built issue worth Rs 451.25 crore. The mainboard issue comprises a fresh issue of 54 lakh shares, totalling Rs 175 crore, and an offer-for-sale component of 85 lakh shares, worth Rs 276.25 crore.
Gem Aromatics IPO Details
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IPO opens: Aug. 19
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IPO closes: Aug. 21
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Issue size: 1.39 crore shares
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Fresh issue: Rs 175 crore
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Tentative allotment date: Aug. 22
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Tentative listing date: Aug. 26
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Face value: Rs 2 per share
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Issue type: Bookbuilding IPO
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Listing platform: BSE, NSE
Gem Aromatics IPO Objectives
Gem Aromatics intends to fulfill prepayment or repayment for all or a portion of certain outstanding borrowings. The company will also use proceeds for general corporate purpose.
Gem Aromatics IPO Subscription Status
Gem Aromatics IPO was subscribed 2.9 times as of 5 p.m. on Wednesday.
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Qualified Institutions: 1.54 times
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Non-Institutional Buyers: 3.95 times
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Retail Investors: 3.19 times
Gem Aromatics IPO GMP
The grey market premium for Gem Aromatics IPO was Rs 26, as of 05:34 p.m. on Aug. 20, according to InvestorGain. This implies a potential listing around Rs 351 per share, marking a premium of 8%.
GMP or grey market price is not an official indicator and is based on market speculation.
. Read more on IPOs by NDTV Profit.