Gem Aromatics IPO
Gem Aromatics Limited (GEMAROMA) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 26 August 2025.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +16.4% (likely range -4% to +26%), day's high +17.4%, chance of a gain 82%. Actual: +2.5% at the open, +7.6% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 27,00,647 | 14,92,90,470 | 55.3x | |
| NII (HNI) total | 21,24,515 | 9,57,30,186 | 45.1x | |
| Big NII (above ₹10 lakh) | 14,16,344 | 6,73,12,950 | 47.5x | |
| Small NII (₹2-10 lakh) | 7,08,171 | 2,84,17,236 | 40.1x | |
| Retail | 49,57,201 | 5,10,94,546 | 10.3x | |
| Total | 97,82,363 | 29,61,15,202 | 30.3x |
Bids on NSE and BSE together, as published by NSE, as of 21 Aug 2025, 07:00 PM. Shares offered exclude the anchor portion. 14% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Gem Aromatics's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| IRM ENERGY LIMITEDOct 2023 | 44.7x | 48.3x | 9.29x | 27.1x | ₹545 Cr | -5.5% | -4.2% |
| Sanathan TextilesDec 2024 | 75.6x | 42.2x | 8.93x | 35.1x | ₹579 Cr | +31.6% | +31.8% |
| India PesticidesJun 2021 | 42.9x | 51.9x | 11.3x | 29.0x | ₹817 Cr | +18.2% | +24.3% |
| Sambhv Steel TubesJun 2025 | 62.3x | 31.8x | 7.99x | 28.5x | ₹575 Cr | +34.1% | +35.4% |
| Rishabh InstrumentsSep 2023 | 72.5x | 31.3x | 8.44x | 31.7x | ₹491 Cr | +4.3% | +6.6% |
| Yatharth Hospital and Trauma Care ServicesJul 2023 | 85.1x | 37.2x | 8.34x | 36.2x | ₹705 Cr | +2.0% | +14.4% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Motilal Oswal Investment Advisors | 47 | +15.0% | 72% |
Offer documents (NSE)
Frequently asked
What is the Gem Aromatics IPO price band and lot size? ₹309–325 per share, with a lot of 46 shares, so the smallest retail bid is ₹14,950.
How many times has it been subscribed? 30.3x overall: QIB 55.3x, NII 45.1x, retail 10.3x.
How did it list? It opened at ₹333, +2.5% against the issue price of ₹325, and closed its first day -1.8%.
