White Oak, IIFL, others help Aether raise additional Rs 130 cr in pre-IPO round
Photo Credit: VCCircle

Specialty chemicals company Aether Industries Limited has secured an additional pre-IPO funding of Rs 130 crore from SBI Mutual Funds (SBIMF), White Oak Capital, IIFL and Public Sector Pension Investments, a person familiar with the developmentĀ told VCCircle.

The Surat-based company had previously raised Rs 100 crore in November 2021 from White Oak Capital and IIFL Group as a part of the pre-IPO placement.

The company had filed a draft red herring prospectus (DRHP) with the market regulator SEBI on December 28, last year, to raise Rs 757 crore through primary issuance of shares, besides an offer-for-sale of 27,51,000 equity shares.

According to media reports, the IPO is expected to fetch close to Rs 1,000 crore.

Post the pre-IPO round, the fundraise via fresh issuance has been reduced to Rs 627 crore.

An email sent to the company did not elicit a response till the article was published.

Aether Industries is a specialty chemicals manufacturer in India focused on producing advanced intermediates and specialty chemicals involving complex and differentiated chemistry and technology core competencies.

The company was co-founded in 2013 by Ashwin Jayanthilal Desai (co-founder of Anupam Rasayan), his wife Purnima Ashwin Desai, and his sons Rohan Ashwin Desai and Dr. Aman Ashwinbhai Desai.

It caters to the pharmaceutical, agrochemical, material science, electronic chemical, high performance photography and oil and gas industry segments and currently has an installed capacity of 6096 mt per annum.

Aether Industries reported a 50% increase in its operating revenue from Rs 301.87 crore in FY20 to Rs 450.23 crore in FY21.

The company also reported an increase of more than 75% in its net profits from Rs 39.6 crore in FY20 to Rs 71 crore in FY21.

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