JSA acted in Aether Industries' ₹7,500 Million QIP Advisory
JSA acted in Aether Industries' ₹7,500 Million QIP Advisory
JSA provided advisory services to Aether Industries Limited in relation to its qualified institutions placement (QIP). On June 22, 2023, Aether filed a placement document for the issuance of 80,12,820 equity shares to qualified institutional buyers, with an approximate total value of ₹7,500.00 million. According to reports, Aether's QIP was oversubscribed by approximately 2.25 times.
The QIP of Aether Industries had HDFC Bank Limited and SBI Capital Markets Limited as the Book Running Lead Managers.
In addition, JSA had also provided advisory services to Aether for their initial public offering (IPO) of equity shares in May 2022.
Aether has emerged as one of the fastest-growing specialty chemical companies in India, boasting an impressive compound annual growth rate (CAGR) of approximately 43.11% between Fiscal 2018 and Fiscal 2023, according to a Frost & Sullivan Report. This substantial growth can be attributed to the successful implementation of three distinct business models.
Firstly, Aether excels in large-scale manufacturing, producing its own intermediates and specialty chemicals. Secondly, the company has established itself as a leader in contract research and manufacturing services (CRAMS). Lastly, Aether has also ventured into contract and exclusive manufacturing. What sets Aether apart is the remarkable achievement of launching all three of these diverse business models within just five years of entering commercial manufacturing.
JSA's successful advisory role in the QIP of Aether has resulted in several notable feats in the Indian specialty chemicals industry: involvement in the two largest QIPs by a specialty chemicals manufacturer in the last 36 months, namely Aarti Industries Limited for ₹12,000.00 million and Aether; participation in two QIPs in June 2023, one for Bank of Maharashtra raising ₹10,000.00 million and the other for Aether; and contribution to the second largest equity fundraise by a specialty chemicals manufacturer in the last 36 months.
The deal value for the Aether transaction was ₹7,500 million.
The JSA transaction team was led by Arka Mookerjee as the Lead Partner, with Siddhartha Desai as the Partner. Supporting them were Krupa Brahmbhatt as the Principal Associate, and Varshini Puni and Govind Roy as Associates.
