Aether Industries Files Draft Papers For Fund Raising Through IPO
Ather Industries, a specialty chemicals company, has filed its preliminary prospectus with the Securities and Exchange Board of India (SEBI) to raise Rs 1,000 crore through an initial public offering (IPO).
According to the draft Red Herring Prospectus (DRHP), the public issue comprises a fresh issue of equity shares worth Rs 757 crore and an offer for sale of up to 2,751,000 equity shares.
The company may also look at raising Rs 131 crore by issue of equity shares through a preferential offer.
Ather Industries is a specialized chemicals manufacturer in India focused on the production of advanced intermediate and specialty chemicals incorporating complex and differentiated chemistry and technology core competencies.
It began with a research and development (R&D) unit in 2013, and commercial production began in 2017. It caters to the pharmaceutical, agricultural chemicals, materials science, electronic chemicals, high performance photography and oil and gas industry sectors.
The Surat-based company raised over Rs 100 crore from White Oak Capital and IIFL in the pre-IPO round.
HDFC Bank and Kotak Mahindra Capital Company are the book running lead managers of the issue.