Gem Aromatics is a Mumbai-based company engaged in the manufacturing of essential oils and aroma chemicals. Founded in 1997, the company serves the global flavour and fragrance industry with a broad range of products. With a focus on quality, compliance, and innovation, Gem Aromatics has established a presence in both domestic and international markets, supplying to clients across the USA, UK, France, and other regions.
IPO schedule
Issue open date
2025-08-19
Issue close date
2025-08-21
UPI mandate deadline
2025-08-21 (5 PM)
Allotment finalization
2025-08-22
Refund initiation
2025-08-25
Share credit
2025-08-25
Listing date
2025-08-26
Mandate end date
2025-08-08
Lock-in end date for anchor investors (50%)
2025-09-21
Lock-in end date for anchor investors (remaining)
2025-11-20
Financials
Financial Year Ended
March 2023
March 2024
March 2025
Total Assets
295.76
368.68
534.52
Revenue
425.09
454.23
505.64
Profit After Tax
44.67
50.1
53.38
Issue size
Funds Raised in the IPO
Amount
Overall
₹451.25 crores
Fresh Issue
₹175 crores
Offer for sale
₹276.25 crores
Utilisation of proceeds
Purpose
INR crores (%)
Repayment of outstanding borrowings
140 (80%)
General corporate purposes
Strengths
Diverse product range with strong domestic and global client relationships
Modern manufacturing infrastructure and R&D focus
Strong relationships with prominent clients like Colgate-Palmolive, Dabur, and Patanjali.
Steady revenue growth in recent financial years
Risks
High dependence on a few major customers, especially doTERRA
Dependence on mint and mint derivatives, accounting for approximately 73% of revenue in FY 2024.
Ongoing litigation concerning land at the Budaun facility
No long-term contracts with key customers and suppliers
Vulnerable to raw material price volatility and regulatory changes