The ₹451 crore initial public offering (IPO) of Gem Aromatics, which opened for subscription on August 19, closed today, August 21, with the issue subscribed 30.45 times during the three-day bidding period.
It received bids for 29.59 crore shares against the total offer of 97.19 lakh shares, resulting in an overall subscription of 30.45 times by the end of Day 3, according to exchange data.
The QIB (Qualified Institutional Buyers) category saw strong interest, with its portion subscribed 53 times, while the non-institutional investors’ quota was booked 45 times. The retail investors’ portion was subscribed 10.49 times.
The company proposes to use the proceeds from the issue towards the prepayment and/or repayment, in full or in part, of certain outstanding borrowings availed by the Company and its subsidiary, Krystal Ingredients Private Limited, as well as for general corporate purposes.
The allotment of shares is expected to be finalized on August 22, 2025, with a tentative listing on both the BSE and NSE scheduled for Tuesday, August 26, 2025.
About Gem Aromatics
Gem Aromatics is a manufacturer of specialty ingredients, including essential oils, aroma chemicals, and value-added derivatives in India, with a track record of over two decades.
It offers a diversified portfolio of products ranging from mother ingredients to value-added derivatives, which find applications across a wide spectrum of industries such as oral care, cosmetics, nutraceuticals, pharmaceuticals, wellness and pain management, and personal care.
According to its RHP report, the company has a dominant presence in essential oil-based products and derivatives manufactured from mint, clove, eucalyptus oils, and other essential oils. The largest segments under essential oils include orange oil, mint oil, clove oil, and eucalyptus oil.
During FY2025, the company stated it was one of the largest procurers of Piperita oil, and one of the largest processors of DMO, clove oil, eugenol, and eucalyptus oil in terms of volume manufactured. As of FY2025, its share of DMO and eugenol in India stood at 12% and 65%, respectively, by volume, according to the RHP report.
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