From left: Mathew Thomas and Prashaant Rajput
Economic Laws Practice (ELP) and Saraf and Partners have advised on Gems Aromatic’s IPO valued at INR4.5 billion (USD51.27 million) on the National Stock Exchange and the Bombay Stock Echange.
Saraf and Partners acted as legal counsel to Gem Aromatics with partner Mathew Thomas leading the transaction team.
Economic Laws Practice advised Motilal Oswal Investment Advisors, the bookrunning lead manager.
ELP partners Geeta Dhania and Prashaant Vikram Rajput led the transaction team, with the support of principal associate Tripti Pandey, and associates Shreeya Srungarapu, Vedaarth Uberoi, Devika Radha and Shefali Jain.
The IPO comprised a fresh issue of equity shares valued at around INR1.75 billion and offering 8.5 million equity shares amounting to INR2.7 billion. The offer received strong investor interest.
Gem Aromatics is a manufacturer of speciality ingredients in India, with a track record spanning more than two decades. Its portfolio spans essential oils, aroma chemicals, and value-added derivatives, ranging from the Mother Ingredients brands to its diverse downstream products.