New Delhi, Aug. 13 -- The price band for the initial public offering (IPO) of Gem Aromatics, which is set to open next week, has been fixed at Rs.309 to Rs.325 per share.

The mainboard public offer is set to open for subscription on August 19 and close on August 21. The allotment date for Gem Aromatics IPO has been set as August 22, with the listing of shares likely to take place on August 26 on the BSE and NSE.

Gem Aromatics IPO is a mix of a fresh issue of Rs.175 crore and an offer for sale of Rs.276 crore, aggregating to Rs.451 crore.

The company plans to use the proceeds from the fresh share sale for prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company and its...