Speciality chemicals company Aether Industries Ltd has set a price range of Rs 610-642 per share for the IPO. Earlier, the company said its IPO would open for subscription on May 24 and close on May 26.

It is expected to be allotted on May 31, and it is expected to become a shareholder on June 2. It is expected to be listed on June 3. The IPO consists of a new issue of Rs 6.27 lakh and an offer by its existing shareholders and promoters to sell up to 282,000 shares.

At the high end of the price range, the company will raise around Rs 801 crore. Proceeds from the issue worth Rs 1.9 crore will be used to finance the proposed Surat greenfield project. The company will also use the proceeds of Rs 1.38 crore to pay down debt. The company will use Rs 1.65 crore to meet working capital requirements.

HDFC Bank Ltd and Kotak Mahindra Capital Co Ltd are the lead managers on the issue. Aether Industries is a speciality chemicals manufacturer in India focused on producing advanced intermediates and speciality chemicals involving complex and differentiated chemistry and technological core competencies. The company has two manufacturing plants in Gujarat.

The first manufacturing facility covers approximately 3,500 square metres and includes an R&D facility, an analytical science laboratory, a pilot plant, a CRAMS facility and a hydrogenation facility. The second factory covers an area of ​​about 10,500 square metres and is a large-scale manufacturing unit with an annual installed capacity of 6,096 MT.

The company’s revenue stood at Rs 4,425.4 crore for the nine months ended December 31, 2021, compared to Rs 3,340.9 crore a year ago. Net profit for the period was Rs 82.91 crore compared to Rs 48.25 crore in the previous year. The company’s total debt stood at Rs 234.73 crore as of December 2021.