Aether Industries shares hit upper circuit on debut day
Aether Industries Share Price: Aether Industries shares on Friday hit a 10 per cent upper circuit on the bourses after making a stellar debut. The shares of the speciality chemicals company listed with a premium of 10 per cent against its issue price of Rs 642 on the NSE and BSE.
The stock made its debut at Rs 704, registering a jump of 9.65 per cent over the issue price at the NSE. It then rallied 10 per cent (total 20.62 per cent) to hit the upper circuit at Rs 774.40.
On the BSE, it listed at Rs 706.15 over the issue price, delivering 9.99 per cent return. It rallied 10 per cent (total 20.99 per cent) further to hit the upper circuit at Rs 776.75.
The upper circuit in the markets is the highest possible level/price of a scrip that it can trade in a day. It is also an indication that there are only buyers and no sellers for the stock at that time.
The initial public offer of Aether Industries was subscribed 6.26 times last month. The initial share sale had a fresh issue of up to Rs 627 crore and an offer-for-sale of up to 28,20,000 equity shares. Its price range was Rs 610-642 per share.
Proceeds from the fresh issuance, the company said, will be used to fund capital expenditure requirements for a proposed new project in Surat, fund working capital requirements and for payment of debt.
The Surat-headquartered company produces advanced intermediates and speciality chemicals involving complex and differentiated chemistry and technology core competencies. The company was incorporated in 2013.
