Gem Aromatics IPO is a book build issue worth ₹451.25 crore. The issue consists of a fresh issue of 0.54 crore shares aggregating to ₹175.00 crore and an offer for sale of 0.85 crore shares aggregating to ₹276.25 crore. The IPO opens for subscription on August 19, 2025, and closes on August 21, 2025.
The allotment is expected to be finalised on August 22, 2025, with the listing scheduled on BSE and NSE on August 26, 2025. The IPO price band is set between ₹309.00 and ₹325.00 per share. Investors can apply with a minimum lot size of 46 shares, requiring an investment of ₹14,214 for retail investors.
For small non-institutional investors (sNII), the minimum application is 14 lots, which equals 644 shares and an investment of ₹2,09,300. For big non-institutional investors (bNII), the minimum application is 67 lots, amounting to 3,082 shares and ₹10,01,650.
Motilal Oswal Investment Advisors Limited is managing the issue as the book running lead manager, while Kfin Technologies Limited is the registrar. Investors can refer to the RHP for detailed information.
Industry Outlook
- The Indian chemicals market is valued at USD 235 billion in 2025 and is projected to reach USD 380 billion by 2030. This steady growth at a ~10% CAGR shows strong demand across industries like FMCG, textiles, and pharmaceuticals, which rely heavily on chemical inputs.
- Specialty chemicals account for 40% of the overall market and are expected to grow faster than the general chemical industry, with a 10–12% CAGR between 2025 and 2030. These chemicals are customised and high-value products used in fragrances, flavours, and personal care, making them highly relevant to companies like Gem Aromatics.
- India offers a significant cost advantage, availability of skilled professionals, and government initiatives such as Production-Linked Incentive (PLI) schemes. These factors are making India a global hub for chemical production, helping companies scale both domestically and internationally.
Gem Aromatics IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- The company plans to utilise funds to prepay or repay part of the company’s and its subsidiary Krystal Ingredients Private Limited’s outstanding borrowings, improving the balance sheet.
- Any remaining funds will be allocated toward general corporate purposes to support business operations and growth.
About Gem Aromatics Limited
Gem Aromatics Limited is a leading manufacturer of specialty ingredients in India with a strong track record of more than two decades. The company produces a wide range of essential oils, aroma chemicals, and value-added derivatives that cater to industries such as oral care, cosmetics, pharmaceuticals, nutraceuticals, wellness, and personal care. Known for its expertise in mint and clove oil derivatives, the company holds a strong position in essential oil-based products, with significant shares in key segments like DMO (12%) and Eugenol (65%) in India as of FY 2025.
The company offers over 70 products across four major categories: mint and mint derivatives, clove and clove derivatives, phenol, and other synthetic and natural ingredients. Its advanced in-house R&D capabilities, supported by a dedicated team of scientists, play a critical role in product innovation, customisation, and maintaining consistent quality.
Gem Aromatics has built long-standing relationships with reputed domestic and global clients including Colgate-Palmolive, Dabur, Patanjali, SH Kelkar, Rossari Biotech, Symrise, and dōTERRA. Its products are supplied to 225 domestic customers and exported to 44 customers across 18 countries, with sales channels in the Americas, Asia, Africa, and Australia.
The company’s growth has been supported by strong promoter leadership, an experienced management team, and advanced manufacturing processes that incorporate green chemistry and automation. Recognised with multiple export excellence awards, Gem Aromatics continues to strengthen its position as a prominent Indian specialty ingredients manufacturer with a growing international presence.
How To Check the Allotment Status of Gem Aromatics IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for the Gem Aromatics IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Gem Aromatics IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Gem Aromatics IPO
Registered office: A/410, Kailas Complex, Vikhroli Powai Link Road, Park Site,
Vikhroli West, Mumbai – 400 079, Maharashtra, India
Phone: +91 9322121990
E-mail: secretarial@gemaromatics.in
Gem Aromatics IPO Reservation
|
Investor Category |
Shares Offered |
|
QIB Shares |
Not more than 50.00% of the Net Issue |
|
Retail Shares |
Not less than 35.00% of the Net Issue |
|
NII Shares |
Not less than 15.00% of the Net Issue |
Gem Aromatics IPO Lot Size Details
|
Application |
Lots |
Shares |
Amount |
|
Retail (Min) |
1 |
46 |
₹14,950 |
|
Retail (Max) |
13 |
598 |
₹1,94,350 |
|
S-HNI (Min) |
14 |
644 |
₹2,09,300 |
|
S-HNI (Max) |
66 |
3,036 |
₹9,86,700 |
|
B-HNI (Min) |
67 |
3,082 |
₹10,01,650 |
Gem Aromatics IPO Promoter Holding
The promoters of the company include Vipul Parekh, Kaksha Vipul Parekh, Yash Vipul Parekh, and Parekh Family Trust..
|
Share Holding Pre-Issue |
75.00% |
|
Share Holding Post Issue  |
55.06% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Gem Aromatics IPO
|
KPI |
Value |
|
ROE (%) |
18.80 |
|
RoCE (%) |
16.02 |
|
Debt/Equity  |
0.78 |
|
PAT Margin (%) |
10.56 |
|
EBITDA Margin (%) |
17.55 |
Gem Aromatics IPO Prospectus
Gem Aromatics IPO Registrar and Lead Managers
Gem Aromatics IPO Lead Managers
- Motilal Oswal Investment Advisors Limited
Registrar for Gem Aromatics IPO
Kfin Technologies Limited
- Contact Number: 04067162222, 04079611000
- Email Address: ipo@motilaloswal.com
Gem Aromatics IPO Registrar
Financial Performance of Gem Aromatics Limited
| Particulars | Year ending on March 31, 2025 | Year ending on March 31, 2024 |
|---|---|---|
| Revenue from Operation (in ₹ million) | 5,039.53 | 4,524.52 |
| Profit/loss After Tax (in ₹ million) | 533.84 | 501.04 |
| Earnings per Equity Share (₹) | 11.39 | 10.69 |
| Net Worth (in ₹ million) | 2,839.81 | 2,305.48 |
| Return on Equity (%) | 18.80 | 21.73 |
| Return on capital employed (RoCE) (%) | 16.02 | 21.10 |
| EBITDA (in ₹ million) | 884.52 | 783.54 |
Know before investing
Strengths
8Strong market leader with 65% Eugenol and 58% Eucalyptus Oil share.
Among India’s largest Mint oil producers with a wide essential oil presence.
Diversified 70-product portfolio across mint, clove, phenol, and synthetics.
Expanding Dahej facility to scale citral-based products and new chemistries.
R&D team of 13 scientists driving innovation and green manufacturing processes.
Trusted by global FMCG players like Colgate, Dabur, and Patanjali.
Large 5,346 MTPA installed capacity across three strategic manufacturing facilities.
Strong export footprint across USA, Europe, Asia, and emerging markets.
Risks
856.06% revenue depends on the top 10 customers, posing concentration risk.
Heavy reliance on top customer dōTERRA, contract ending December 31, 2028.
69.12% revenue from mint products; demand fall may impact business.
Ongoing Supreme Court litigation on Budaun Facility land creates uncertainty.
Promoter group entity under liquidation; some promoters tagged as wilful defaulters.
No long-term supplier contracts; raw material shortages could affect operations.
52.92% expenses depend on top 10 suppliers, creating supplier dependency risk.
Subsidiary Krystal Ingredients posted ₹41.70 million loss, negative net worth.
Gem Aromatics Limited Peer Comparison
| Company Name | Face Value (₹) | Closing Price on July 11, 2025 (₹) | Total Revenue (₹ mn) | EPS (₹) |
|---|---|---|---|---|
| Gem Aromatics Limited | 2 | - | 5,039.53 | 11.39 |
| Clean Science and Technology Limited | 1 | 1,426.25 | 9,666.44 | 24.88 |
| Privi Speciality Chemicals Limited | 10 | 2,417.75 | 21,011.91 | 47.87 |
| Camlin Fine Sciences Limited | 1 | 294.65 | 16,665.27 | (8.03) |
| Yasho Industries Limited | 10 | 1,994.55 | 6,685.00 | 5.32 |
