New Delhi, May 18 (PTI) The initial share sale of speciality chemicals company Aether Industries will open for public subscription on May 24.

According to the Red Herring Prospectus (RHP), the three-day Initial Public Offering (IPO) will conclude on May 26. The bidding for anchor investors will open on May 23.

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The company has cut the size of the fresh issue of equity shares to Rs 627 crore from Rs 757 crore planned earlier following pre-IPO placement. In addition, there will be an offer for sale of up to 28.2 lakh equity shares by the promoter.

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

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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.

It started with a research and development (R&D) unit in 2013 and began commercial production in 2017. It caters to the pharmaceutical, agrochemical, material science, electronic chemical, high performance photography and oil and gas industry segments.

The company's operating revenue grew to Rs 450 crore in FY21, from Rs 302 crore in FY20. Its net profit climbed to Rs 71 crore in FY21, from Rs 40 crore in FY20.

HDFC Bank and Kotak Mahindra Capital Company are the book running lead managers to the issue.

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