Gem Aromatics IPO - Listing Performance & Details

Gem Aromatics Limited was incorporated in October 1997 and is headquartered in Mumbai, Maharashtra, with an industry legacy dating back to 1915. It works in the specialty chemicals sector, manufacturing essential oils, aroma chemicals and value-added derivatives.

The company's product portfolio spans mint and mint derivatives, clove and derivatives, phenol, and other synthetic and natural ingredients, used by industries including oral care, cosmetics, nutraceuticals, pharmaceuticals, wellness and personal care. It held about a 65% market share in India for Eugenol and over 58% for Eucalyptus Oil by volume in FY25, according to a Frost & Sullivan report cited in the RHP, and served 225 domestic and 44 international customers that year, with exports (led by the US market) accounting for about half of FY25 revenue; dōTERRA Global Limited, also an investor in the company, was its largest customer. It operates three manufacturing facilities, including one at Budaun with GMP certification, and its subsidiary is Krystal Ingredients Private Limited. The promoters are Vipul Parekh, Kaksha Vipul Parekh, Yash Vipul Parekh and the Parekh Family Trust, alongside investor selling shareholder doTERRA Enterprises.

Revenue from operations rose from Rs 424.79 crore in FY23 to Rs 452.45 crore in FY24 and Rs 503.95 crore in FY25, with profit after tax rising from Rs 44.67 crore in FY23 to Rs 50.10 crore in FY24 and Rs 53.38 crore in FY25, as per the RHP. The IPO was a mainboard book-built issue of about Rs 451 crore on the NSE and BSE, comprising a fresh issue of Rs 175 crore and an offer for sale of up to 89,24,274 equity shares by the promoters and doTERRA Enterprises, priced at Rs 309-325 per share, and it listed on 26 August 2025. Net proceeds from the fresh issue were earmarked for prepayment or repayment of certain outstanding borrowings of the company and subsidiary Krystal Ingredients (about Rs 140 crore), with the balance for general corporate purposes.