JSA advised on ₹ 7,500 million Qualified Institutions Placement of Aether Industries Limited

  • Deal
  • July 10, 2023

JSA advised Aether Industries Limited (“Aether“) concerning its qualified institutions placement (“QIP“). It had filed a placement document on June 22, 2023, for the issue of 80,12,820 equity shares to qualified institutional buyers approximately aggregating to ₹ 7,500.00 million. As per reports, the QIP of Aether was oversubscribed ~2.25x.

The Book Running Lead Managers to this QIP were HDFC Bank Limited and SBI Capital Markets Limited.

JSA had also advised Aether for their initial public offering of equity shares in May 2022.

Aether is one of the fastest-growing specialty chemical companies in India, growing at a CAGR of nearly 43.11% between Fiscal 2018 and Fiscal 2023. (Source: Frost & Sullivan Report) It has three business models: (i) large-scale manufacturing of its own intermediates and specialty chemicals; (ii) contract research and manufacturing services (“CRAMS”) and (iii) contract/exclusive manufacturing. Aether Industries Limited is amongst the few Indian specialty chemical companies to have successfully launched these three separate business models, large-scale manufacturing, contract research/ exclusive manufacturing, and CRAMS, in just 5 years into commercial manufacturing. (Source: Frost & Sullivan Report)

With this QIP, JSA has successfully advised:

a) in the two largest QIPs by a speciality chemicals manufacturer in the last 36 months (Aarti Industries Limited for ₹12,000.00 million & Aether);

b) in two QIPs in June 2023 (Bank of Maharashtra for ₹10,000.00 million & Aether); and

c) in the second largest equity fund raise by a specialty chemicals manufacturer in the last 36 months.

Deal Value: INR 7,500 Million

Our Transaction Team Comprised Lead Partner – Arka Mookerjee, Partner – Siddhartha Desai, Principal Associate – Krupa Brahmbhatt, Associate – Varshini Puni, and Associate – Govind Roy.