Gem Aromatics IPO
ListedMainboardOpens 19 August 2025Closes 21 August 2025
Gem Aromatics Limited, established in 1997, is a leading manufacturer of specialty ingredients, including essential oils, aroma chemicals, and value-added derivatives. The company's products are used in a wide range of…
Gem Aromatics Limited, established in 1997, is a leading manufacturer of specialty ingredients, including essential oils, aroma chemicals, and value-added derivatives. The company's products are used in a wide range of industries such as oral care, cosmetics, nutraceuticals, pharmaceuticals, personal care, and wellness. Gem Aromatics offers 70 products across four categories: mint and mint derivatives, clove and clove derivatives, phenol, and other synthetic and natural ingredients. The company serves domestic and global customers, including prominent names like Colgate-Palmolive, Dabur India, Patanjali Ayurved, and Symrise. It operates three manufacturing facilities in Uttar Pradesh, Dadra and Nagar Haveli, and Gujarat, supported by an in-house R&D facility in Maharashtra with a team of 13 scientists.
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Key ratios
As per RHP / filingsTimeline
IPO Opens
19 Aug
IPO Closes
21 Aug
Allotment
22 Aug
Listing
26 Aug
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 19 August 2025 |
| IPO Close Date | 21 August 2025 |
| Allotment Date | 22 August 2025 |
| Listing Date | 26 August 2025 |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,950 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,94,350 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,09,300 |
SHNI (Max)Below ₹10,00,000 | 66 | ₹9,86,700 |
BHNIAbove ₹10,00,000 | 67 | ₹10,01,650 |
IPO Objectives
- Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company and our Subsidiary, Krystal Ingredients Private Limited.
- General Corporate Purposes.
Strengths
- The company is an established manufacturer of specialty ingredients and has a strong global market presence, with a wide product range of 70 items across four key categories.
- They have long-standing relationships with well-known customers, including major players like Colgate-Palmolive and Dabur, which provides a stable business base.
- The company has strategically located manufacturing facilities and an in-house team of 13 scientists for continuous product development and research.
- It has shown consistent financial performance with an 11% increase in revenue and a 7% increase in profit after tax (PAT) in FY25, along with strong return ratios.
- The company is led by experienced promoters and a management team with a deep understanding of the specialty ingredients industry.
Weaknesses
- There is a high dependency on a few key raw materials like mint and clove, and a single product category (mint derivatives), making the company vulnerable to price volatility and supply disruptions.
- A significant portion of its revenue comes from exports (83% in FY25), which exposes the business to foreign exchange rate fluctuations, geopolitical risks, and international trade policies.
- The IPO includes a significant Offer for Sale (OFS) component, meaning a large portion of the money will not be invested directly into the company for its growth.
- The company has a high level of debt with borrowings of over ₹222 crore, which, despite a partial repayment from the IPO, still poses a financial risk.
- It operates in a highly competitive specialty chemicals sector, which can lead to pricing pressures and impact profitability due to competition from both domestic and international players.
Financial Performance
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets (₹ Cr.) | 534.52 | 368.57 | 295.76 |
| Revenue (₹ Cr.) | 505.64 | 454.23 | 425.09 |
| PAT (₹ Cr.) | 53.38 | 50.1 | 44.67 |
| Net Worth (₹ Cr.) | 283.98 | 230.55 | 179.53 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Gem Aromatics | 5.36 | 31.8 | 18.8% | 283.98 |
| Clean Science and Technology | 8.74 | 46.12 | 18.67% | 1,416 |
| Privi Speciality Chemicals | 8.68 | 44.02 | 16.95% | 1,118 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 1.03x | 1.5x | 53.76x |
| NII | 0.89x | 4.03x | 45.96x |
| S-HNI | 1.32x | 6.17x | 40.91x |
| B-HNI | 0.68x | 2.96x | 48.48x |
| RII | 1.1x | 3.25x | 10.49x |
| Total | 1.04x | 2.92x | 30.45x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 27,76,925 | 14,92,90,470 | 4,851.94 |
| NII | 20,82,692 | 9,57,15,834 | 3,110.76 |
| Small NII | 6,94,231 | 2,84,02,884 | 923.09 |
| Big NII | 13,88,462 | 6,73,12,950 | 2,187.67 |
| RII | 48,59,615 | 5,09,90,448 | 1,657.19 |
| Total | 97,19,232 | 29,59,96,752 | 9,619.89 |
Company Details
- Gem Aromatics Ltd.
- A/410, Kailas Complex, Vikhroli Powai Link Road, Park Site, Vikhroli (W), Mumbai, Maharashtra-400079
- +91 22 25185231
- secretarial@gemaromatics.in
- http://www.gemaromatics.com/
Registrar Details
- Kfin Technologies Ltd.
- 04067162222, 04079611000
- gem.ipo@motilaloswal.com
- https://ipostatus.kfintech.com/
Frequently Asked Questions
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Sources
We match Gem Aromatics IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- Kfin Technologies Ltd.Official site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.