Aether Shares Locked In 20% Upper Circuit Post Listing With Gains

Aether Industries shares on the debut gained as much as 10% and in early trade at the time of writing this copy at around 11:04 were seen locked in 20% upper circuit at Rs. 774.4 per share.

On the NSE as against the IPO price of Rs. 642, the stock debuted at a price of Rs. 704 per share on the NSE, while its BSE opening price is at Rs. 706.15 per share.

"The issue was priced at a P/E (price-to-earnings) of 72.30 based on annualised FY22 numbers. However, we believe that the company deserves this premium multiple due to its phenomenal growth prospects. Long-term investors may accumulate the stock post listing," Aayush Agrawal, senior analyst at Swastika Investmart said.

The company's IPO which opened between May 24-26 garnered significant response from institutional investors. The company through the issue mopped Rs. 808 crore.

Aether Industries is a leading specialty chemical manufacturer with R&D focus. The company chiefly offering advance intermediates and speciality chemicals witnessed a CAGR of 49.5% between Fy 2019-2021.