Gem Aromatics IPO
Gem Aromatics IPO — date, price band, lot size & details 2025
Gem Aromatics listed on 26 Aug 2025 at ₹333.1, 2.5% above the ₹325 issue price.
Gem Aromatics makes speciality ingredients including essential oils, aroma chemicals and value-added derivatives. It served 225 customers in FY2025, including 44 international customers across 18 countries.
Stock price
Gem Aromatics 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 10 November.
- Open 19 Aug 2025
- Close 21 Aug 2025
- Allotment 22 Aug 2025
- Refund/credit 25 Aug 2025
- Listing 26 Aug 2025
Issue summary
The terms of the offer, as filed.
| IPO Dates | 19 to 21 Aug, 2025 |
|---|---|
| Price Band | ₹309 – ₹325 |
| Face Value | ₹2 |
| Lot Size | 46 Shares |
| Issue Size | ₹451.25 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,950 |
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 46 shares at the ₹325 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 46 | ₹14,950 |
| Retail (max) | 13 | 598 | ₹1,94,350 |
| S-HNI (min) | 14 | 644 | ₹2,09,300 |
| S-HNI (max) | 66 | 3,036 | ₹9,86,700 |
| B-HNI (min) | 67 | 3,082 | ₹10,01,650 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 425.09 crore in FY2023 to Rs 505.64 crore in FY2025.
- 02Profit after tax rose from Rs 44.67 crore in FY2023 to Rs 53.38 crore in FY2025.
- 03The EBITDA margin was 17.55% and the PAT margin was 10.56%.
- 04The company served 225 customers in FY2025 across India and 18 other countries.
- 05Rs 140.00 crore of the fresh issue was for repaying debt.
Risks · 6
- 01Total borrowing doubled from Rs 111.13 crore on 31 March 2024 to Rs 222.37 crore on 31 March 2025.
- 02Rs 276.25 crore of the Rs 451.25 crore issue was offer for sale and did not reach the company.
- 03The P/E was 31.8 at the upper band of Rs 325, based on post-issue EPS of Rs 10.22.
- 04Income growth was modest, from Rs 454.23 crore in FY2024 to Rs 505.64 crore in FY2025.
- 05Mint and clove are agricultural inputs, so crop and price swings can affect the 70 product portfolio.
- 06Promoters held 75% before the issue and held 55.06% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Gem Aromatics offer document.
| Metric | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 534.52 | 368.57 | 295.76 |
| Total Income | 505.64 | 454.23 | 425.09 |
| Profit After Tax | 53.38 | 50.10 | 44.67 |
| EBITDA | 88.45 | 78.35 | 66.19 |
| NET Worth | 283.98 | 230.55 | 179.53 |
| Reserves and Surplus | 278.26 | 224.88 | 182.36 |
| Total Borrowing | 222.37 | 111.13 | 89.36 |
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 Gem Aromatics RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Gem Aromatics IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹11.39 | ₹10.22 |
| P/E Ratio (x) | 28.52 | 31.80 |
| Market Cap at Offer Price (₹ Cr) | ₹1,523.13 | ₹1,697.50 |
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 ₹325 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
₹194.13 Cr of the issue is earmarked to named objects.
Gem Aromatics IPO Anchor Investors
14 anchor investors across 14 fund houses committed ₹135.36 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
The company offers seventy products in four groups: mint and its derivatives, clove and its derivatives, phenol, and other synthetic and natural ingredients.
In FY2025 it served 225 customers, including 44 international customers across 18 countries.
The IPO was Rs 451.25 crore, with Rs 175.00 crore of fresh issue and Rs 276.25 crore of offer for sale. Rs 140.00 crore of the fresh money was planned 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.
Gem Aromatics 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.
Motilal Oswal Investment Advisors
40 issues handledBest listing: GNG Electronics (+49.8%). Weakest: Turtlemint Fintech Solutions (-10.4%).
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 Gem Aromatics?
The current Grey Market Premium is ₹25, or 8% over the issue price.
What is the Gem Aromatics IPO price band?
₹309 to ₹325, on a face value of ₹2.
When is the allotment?
The basis of allotment is 22 August 2025, with listing on 26 August 2025.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies 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.
