Aether Industries IPO
Aether Industries IPO — date, price band, lot size & details 2022
Aether Industries listed on 3 Jun 2022 at ₹704, 9.7% above the ₹642 issue price.
Aether Industries makes speciality chemicals and intermediates and is the sole Indian maker of several, such as 4MEP and OTBN. Its total income was Rs 453.79 crore in FY2021.
Stock price
Aether Industries is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 14 November.
- Open 24 May 2022
- Close 26 May 2022
- Allotment 31 May 2022
- Refund/credit 01 Jun 2022
- Listing 03 Jun 2022
Issue summary
The terms of the offer, as filed.
| IPO Dates | 24 to 26 May, 2022 |
|---|---|
| Price Band | ₹610 – ₹642 |
| Face Value | ₹10 |
| Lot Size | 23 Shares |
| Issue Size | ₹808.04 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,766 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 23 shares at the ₹642 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 23 | ₹14,766 |
| Retail (max) | 13 | 299 | ₹1,91,958 |
| S-HNI (min) | 14 | 322 | ₹2,06,724 |
| S-HNI (max) | 67 | 1,541 | ₹9,89,322 |
| B-HNI (min) | 68 | 1,564 | ₹10,04,088 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 203.28 crore in FY2019 to Rs 453.79 crore in FY2021.
- 02Profit after tax rose from Rs 23.34 crore in FY2019 to Rs 71.12 crore in FY2021.
- 03Profit after tax was Rs 82.90 crore in the nine months to 31 December 2021, above the full FY2021 figure.
- 04The source puts return on net worth at 40.79%.
- 05Rs 627.00 crore of the issue was fresh capital for a greenfield project, debt repayment and working capital.
Risks · 5
- 01The pre-issue P/E was 103.55 at the upper band of Rs 642, based on EPS of Rs 6.20.
- 02The source puts debt to equity at 1.19, which is high for a chemical maker.
- 03Both of its 2 sites are at Sachin in Surat, so a local disruption could hit output.
- 04A few products and customers drive much of the revenue, and the company was only incorporated in 2013.
- 05Promoters and the promoter group held 96.97% before the issue and 87.09% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Aether Industries offer document.
| Metric | 31 Dec 2021 | 31 Mar 2021 | 31 Mar 2020 | 31 Mar 2019 |
|---|---|---|---|---|
| Assets | 709.56 | 452.94 | 300.47 | 206.68 |
| Total Income | 449.32 | 453.79 | 303.78 | 203.28 |
| Profit After Tax | 82.90 | 71.12 | 39.96 | 23.34 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Aether Industries RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Aether Industries IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹6.20 | ₹8.88 |
| P/E Ratio (x) | 103.55 | 72.30 |
| Market Cap at Offer Price (₹ Cr) | ₹8,584.16 | ₹5,993.45 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹642 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹593.46 Cr of the issue is earmarked to named objects.
Aether Industries IPO Anchor Investors
25 anchor investors across 13 fund houses committed ₹240.28 Cr a day before the issue opened.
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
It is the sole maker in India of chemicals such as 4-(2-Methoxyethyl) Phenol (4MEP), 3-Methoxy-2-Methylbenzoyl Chloride (MMBC), Thiophene-2-Ethanol (T2E), Ortho Tolyl Benzo Nitrile (OTBN), N-Octyl-D-Glucamine, Delta-Valerolactone and Bifenthrin Alcohol.
It has three business models: large scale manufacturing of intermediates and speciality chemicals, contract research and manufacturing services (CRAMS), and contract manufacturing. It has two manufacturing sites at Sachin in Surat.
The IPO was Rs 808.04 crore, with Rs 627.00 crore of fresh issue and Rs 181.04 crore of offer for sale. Rs 163.00 crore was planned for a greenfield project and Rs 137.90 crore for repaying borrowings.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Aether Industries IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Kotak Mahindra Capital Company Limited
204 issues handledBest listing: Premier Energies (+120.0%). Weakest: Puravankara Projects (-22.5%).
HDFC Bank Limited
34 issues handledBest listing: G R Infraprojects (+105.0%). Weakest: Precision Camshafts (-11.3%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Aether Industries?
The current Grey Market Premium is ₹40, or 6% over the issue price.
What is the Aether Industries IPO price band?
₹610 to ₹642, on a face value of ₹10.
When is the allotment?
The basis of allotment is 31 May 2022, with listing on 3 June 2022.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
