Gem Aromatics IPO Oversubscribed, Lists

Gem Aromatics, a specialty ingredients manufacturer, successfully completed its Initial Public Offering (IPO) from August 19 to August 21, 2025. The IPO aimed to raise approximately Rs 451 crore through a fresh issue of Rs 175 crore and an offer for sale of Rs 276.3 crore, with a price band of Rs 309 to Rs 325 per share. The offering saw significant investor interest, being oversubscribed 30.45 times overall, with strong participation from Qualified Institutional Buyers, Non-Institutional Investors, and retail investors. Prior to the public subscription, Gem Aromatics raised Rs 135.37 crore from anchor investors including Citigroup — Citigroup Global Markets, Société Générale, Goldman Sachs, and Nippon India Mutual Fund. Analysts from Anand Rathi Wealth, BP Equities, Meritz Securities, Swastika Investmart, and Canara Bank largely recommended subscribing to the IPO, citing Gem Aromatics' established market position, diversified product portfolio, and growth prospects, despite some noting the valuation as fully priced. The shares were allotted on August 22, 2025, credited to demat accounts on August 25, 2025, and are scheduled to be listed on the National Stock Exchange of India and JSE Limited on August 26, 2025. The grey market premium (GMP) consistently indicated a positive listing, reflecting cautious optimism among investors.