New Delhi, June 3 (Ajit Weekly News) Shares of Aether Industries made a relatively firm debut on the exchanges against recent listings on the exchanges.
Started in 2013, the Surat-headquartered Aether Industries focuses on producing advanced intermediates and speciality chemicals involving complex and differentiated chemistry and technology core competencies and its products find application in the pharmaceutical, agrochemical, material science, coating, high performance photography, additive, and oil and gas segments of the chemical industry.
On Friday, the company’s shares got listed with a premium of about 10 per cent above its issue price of Rs 642. It listed at Rs 706 on the BSE and at Rs 704 on the NSE, data showed.
At 1.03 p.m., the shares rose further and traded over 20 per cent higher at Rs 774 on the NSE.
“The company’s good listing can be attributed to a recovery in market sentiments, outstanding growth prospects of the company, and a good response from the investors. The company is one of the fastest-growing specialty chemical companies in India, having a high focus on d R&D, relying on differentiated chemistry and technological core competencies, and a robust product selection process,” said Santosh Meena, Head of Research at Swastika Investmart on the company’s listing.
The Indian chemical industry is witnessing a structural change due to the shift of manufacturing activities from China to India and the focus on green chemistry, Meena said.
“Those who applied for listing gains can maintain a stop loss of Rs 675. New investors can buy for the long term and existing investors are recommended to stay invested in the company.”
The company’s initial public offering was subscribed over six times.
The portions set aside for retail investors and employees were fully subscribed, as per reports.
The relatively firm listing of the Aether Industries comes close on the heels days after a weak listing of much-anticipated Life Insurance Corporation of India (LIC).
Paradeep Phosphates and Delhivery too made their debut on the exchanges recently, but with a mild premium.
Earlier this week, digital signature solution provider eMudhra made its debut on the exchanges with a premium of nearly 6 per cent above the issue price.
–Ajit Weekly News