New Delhi: Gem Aromatics made a quiet debut on August 26, listing at Rs 333.10 on NSE, just above its issue price of Rs 325, while it opened flat on BSE. This came despite a 9 percent grey market premium ahead of listing.
The Rs 451.25-crore IPO (Rs175 crore fresh issue + Rs 276.25 crore OFS) received a strong response, with overall subscription at 30.45 times—QIBs leading at 53.76x, NIIs at 45.96x, and retail investors at 10.49x. Proceeds will be used mainly to repay Rs 140 crore debt and for corporate purposes.
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Founded in 1997, the company makes speciality ingredients like essential oils, aroma chemicals, and derivatives used in personal care, pharma, wellness, and nutraceuticals, serving customers across 18 countries. For FY25, it reported revenue of Rs 505.64 crore (+11 percent) and PAT of Rs 53.38 crore (+7 percent), valuing the IPO at around Rs 1,698 crore.
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Meanwhile, Shreeji Shipping listed stronger, opening at Rs 271.85 on BSE (8 percent premium) and Rs 270 on NSE (7 percent premium) versus the issue price of Rs 252. This was below grey market expectations of 11–13.5 percent premium.
The Rs 411-crore IPO, entirely a fresh issue, was subscribed over 58 times during August 19–21, fueled by strong investor demand.
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