 "Aether Industries hits record high; rallies 10% on fund raising via QIP")
Aether Industries on Monday, June 19, launched a QIP issue to raise up to Rs 750 crore. The floor price of the issue has been fixed at Rs 984.90 per share.
The company may at its discretion offer a discount of not more than 5 per cent on the floor price for the Issue The issue price will be determined by the company in consultation with the book running lead managers appointed for the issue, Aether Industries said.
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The company proposes to utilize the net proceeds for funding capital expenditure for the expansion at manufacturing facility 3, funding capital expenditure for setting up of manufacturing facility; funding working capital requirements of Company; and general corporate purposes.
Aether Industries is a speciality chemical manufacturer in India focused on producing advanced intermediates and speciality chemicals involving complex and differentiated chemistry and technology core competencies. The company have three business models under which it operate (i) large scale manufacturing of its own intermediates and speciality chemicals; (ii) contract research and manufacturing services (“CRAMS”) and (iii) contract/exclusive manufacturing.
The company has established market position in the specialty chemical business is backed by presence in a niche product portfolio, reputed clientele, and strong relations with customers. The strong and reputed customer base includes BYK Chemie, Corteva, Divi’s Lab, Aarti Drugs, Moehs Catalana, Neogen Chemicals, Sun Pharmaceuticals, Dr. Reddy’s laboratories etc.
Continuous research and development has helped company to manufacture products using multiple chemistries and multiple technologies and thus widen the product portfolio and diversify the end-user industry which has contributed materially to the revenue growth.