The initial public offer of speciality chemicals company Aether Industries was subscribed 49 per cent on the second day of subscription on Wednesday.

The IPO received bids for 45,68,996 shares against 93,56,193 shares on offer, as per NSE data.

The category for Retail Individual Investors (RIIs) got subscribed 67 per cent, Qualified Institutional Buyers (QIBs) 39 per cent and non-institutional investors 16 per cent.

The Initial Public Offer (IPO) has a fresh issue of up to Rs 627 crore and an offer for sale of up to 28,20,000 equity shares.

The IPO has a price range of Rs 610-642 per share.

On Monday, Aether Industries said it has raised a little over Rs 240 crore from anchor investors.

Proceeds from the fresh issuance will be used to fund capital expenditure requirements for a proposed new project in Surat, Gujarat, fund working capital requirements and for payment of debt.

Aether Industries is a speciality chemicals manufacturer in India focused on producing advanced intermediates and speciality chemicals involving complex and differentiated chemistry and technology core competencies.

HDFC Bank and Kotak Mahindra Capital Company are the managers to the offer. PTI SUM SHW SHW

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