Aether Industries shares list at 10% premium on bourses

The specialty chemical maker came with its Rs 808 crore IPO last month.

FPJ Web DeskUpdated: Friday, June 03, 2022, 10:48 AM IST
article-image
On NSE the shares were trading at Rs 704 apiece. /Representative image |

Aether Industries shares listed on the BSE and NSE on Friday, June 3.

Shares of the specialty chemicals manufacturer began trading on BSE at Rs 706.15 per share up 9.99 per cent from the upper end of IPO price band of Rs 610-642 per share.

On NSE the shares were trading at Rs 704 apiece.

The initial share sale had a fresh issue of up to Rs 627 crore and an offer-for-sale of up to 28,20,000 equity shares. Its price range was at Rs 610-642 per share.

Expert take

Santosh Meena, Head of Research, Swastika Investmart Ltd. said: Ather Ltd. has debuted at Rs. 704 i.e. 10 percent above its issue price. The company’s good listing can be attributed to a recovery in market sentiments, outstanding growth prospects of the company, and a good response from the investors. The company is one of the fastest-growing specialty chemical companies in India, having a high focus on d R&D, relying on differentiated chemistry and technological core competencies, and a robust product selection process.

The Indian chemical industry is witnessing a structural change due to the shift of manufacturing activities from China to India and the focus on green chemistry. The issue was priced at a P/E of 72.30 based on annualized FY22 numbers. However, we believe that the company deserves this premium multiple due to its phenomenal growth prospects. Those who applied for listing gains can maintain a stop loss of Rs. 675. New investors can buy for the long term and existing investors are recommended to stay invested in the company, Meena added.

IPO to raise around Rs 800 cr

Aether Industries Ltd. (Aether), came out with an IPO to raise around Rs 800 crore last month.

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

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Assam floods: CM Himanta Biswa Sarma and his team are working very hard, says PM Modi; watch video

Assam floods: CM Himanta Biswa Sarma and his team are working very hard, says PM Modi; watch video

Saji Cheriyan resigns as Kerala Minister amid protests over his anti-Constitution remarks

Saji Cheriyan resigns as Kerala Minister amid protests over his anti-Constitution remarks

8 SpiceJet technical malfunction incidents in last 18 days: Check out full list

8 SpiceJet technical malfunction incidents in last 18 days: Check out full list

Mumbai updates: IMD issues heavy rain alert for Maharashtra from July 6 to 8; 3 persons injured in...

Mumbai updates: IMD issues heavy rain alert for Maharashtra from July 6 to 8; 3 persons injured in...

'Finally, someone's smart enough...': Nick Kyrgios' ex-girlfriend on tennis star being ordered to...

'Finally, someone's smart enough...': Nick Kyrgios' ex-girlfriend on tennis star being ordered to...