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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Repayment or prepayment of borrowings
A portion of the fresh issue proceeds is earmarked to repay or prepay outstanding borrowings of the company.
Funding working capital requirements
Proceeds are allocated to meet the company's ongoing working capital needs.
Capital expenditure for a new manufacturing facility
Funds are earmarked for capital expenditure on a proposed greenfield manufacturing project.
General corporate purposes
The balance of the fresh issue proceeds is set aside for general corporate purposes.
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(₹ in Crore)
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Aether Industries Limited is a Surat, Gujarat based manufacturer of specialty chemicals, incorporated in 2013. The company produces advanced intermediates and specialty chemicals used across the pharmaceutical, agrochemical, dye and pigment, high performance materials, coatings and oil and gas industries, and is among the largest global manufacturers by volume of several niche products including 4MEP, T2E, NODG and HEEP. The company runs two manufacturing facilities at Sachin near Surat, together spanning roughly 14,000 square metres with an annual capacity of about 6,096 metric tonnes. Its product portfolio of more than 25 chemicals reaches over 34 international customers spread across 18 countries and more than 154 domestic companies, built on three complementary business lines: large scale manufacturing, contract research and manufacturing services (CRAMS), and contract manufacturing. Aether has grown rapidly, expanding revenue at close to a 60 percent compound annual rate between FY2018 and FY2021, supported by continuous investment in process chemistry and R&D and by long standing customer relationships. The founding Desai family, led by Ashwin Jayantilal Desai, holds a large majority stake in the company going into the offer.
The company raised approximately Rs 240 crore from anchor investors ahead of the offer, with participation from Goldman Sachs, Nomura, SBI Mutual Fund, Aditya Birla Sun Life Mutual Fund, Kotak Mutual Fund, Axis Mutual Fund, IDFC Mutual Fund and Tata Mutual Fund.
Source: RHP • Analysis provided for informational purposes
Last Updated: 19 July 2026, 6:10 PM
Market-leading niche products
The company holds among the largest global manufacturing volumes for select specialty chemical intermediates such as 4MEP, T2E, NODG and HEEP.
Diversified customer base
Its portfolio of more than 25 products reaches over 34 international clients across 18 countries and 154 domestic companies.
Differentiated portfolio and R&D focus
A combination of large-scale manufacturing, contract research and manufacturing services, and contract manufacturing, backed by sustained chemistry and technology R&D, underpins long-standing customer relationships.
Quality, health, safety and environment focus
The company maintains rigorous quality and EHS standards across its manufacturing operations.
Experienced management and consistent performance
A senior leadership team with deep sector experience has delivered steady growth in revenue and profitability.
No long-term customer contracts
The absence of long-term supply agreements with major customers means the loss of one or more key clients could materially affect the business.
Manufacturing concentration risk
Operations depend heavily on the company's existing manufacturing facilities, so any disruption, shutdown or lockdown could adversely affect output and revenue.
Hazardous materials exposure
Manufacturing, handling and storage of hazardous chemical substances expose the company to safety and regulatory risk.
Aether Industries Limited
Company contact details are not available.
MUFG Intime India Private Limited
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Limited insurance coverage
Existing insurance policies may not fully cover potential losses, which could affect financial results if a covered event occurs.
Regulatory compliance risk
Changes in or non-compliance with environmental, health, safety and labour regulations could adversely affect operations.
Industry and currency concentration
Revenue is concentrated in the pharmaceutical (about 68 percent of FY2021 revenue) and agrochemical (about 21 percent) sectors, and export sales, over half of FY2021 revenue, expose the company to foreign exchange fluctuations.