The Initial Public Offering of Gem Aromatics was subscribed 2.9 times on the second day of bidding.

The issue received bids of 2, 83, 76, 940against the offered 97, 82, 363 equity shares at a price band of Rs 309-325, according to data available on the stock exchanges.

Retail Portion and Non-institutional portion were subscribed 3.19 times and 3.95 times respectively. Qualified Institutional Investors was 1.54 subscribed times. The issue kicked off for subscription on Tuesday, 19 August, 2025 and will close on Thursday, 21 August, 2025.

A day before the opening of the issue, Gem Aromatics had raised Rs 135.4 crore from anchor investors. Some of the marquee institutions that participated in the anchor include Goldman Sachs, Nippon India Mutual Fund, Citigroup Global Markets Mauritius, Nuvama Multi Asset and Societe Generale.

Leading brokerage firms like Anand Rathi, Ventura Securities, SMIFS and BP Wealth have given a “Subscribe” rating to the issue highlighting the company is strategically positioned to benefit from the structural growth in the flavours and fragrances (F&F) industry, backed by its dominant presence in essential oils and derivatives. With over two decades of operations, the company has built leadership in key categories such as mint, clove, and eucalyptus oils, where it enjoys significant market share of 65% in Eugenol, 58% in Eucalyptus oil, and 12% in DMO as on FY25.

Motilal Oswal Investment Advisors Limited is the sole book-running lead manager, and KFin Technologies Limited is the registrar to the Offer.