Gem Aromatics IPO, Aug. 15 -- The initial public offering (IPO) of Gem Aromatics, a manufacturer of speciality ingredients such as essential oils, aroma chemicals, and value-added derivatives, will open for public subscription on Tuesday, August 19, and will remain open until Thursday, August 21.

The mainboard IPO is a combination of a fresh issue of 54 lakh shares and an offer for sale (OFS) of 85 lakh shares. The price band of the IPO has been fixed at Rs.309 to Rs.325 per share.

From the fresh issue of shares, the company aims to raise Rs.175 crore, which it will use to prepay or repay certain outstanding borrowings and for general corporate purposes.

The company will not receive any proceeds from the OFS portion.

Motilal Oswal Inv...