Gem Aromatics has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The IPO is a mix of fresh issue of equity shares worth up to Rs 175 crore and an offer for sale (OFS) of up to 89.24 lakh shares each by the promoter and an investor.
The company may consider a pre-IPO placement aggregating up to Rs 35 crore. Proceeds from the fresh issue will be used by Gem Aromatics for debt repayment and general corporate purposes. The shares of the company are proposed to be listed on the National Stock Exchange (NSE) and BSE.
Gem Aromatics has established itself as a leading manufacturer of specialty ingredients in India, including essential oils, aroma chemicals, and value-added derivatives, with over two decades of experience.
