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Gem Aromatics IPO
30.10xsubscribed

Gem Aromatics IPO

Chemicals
listed
â‚ą14,214Min. investment

Gem Aromatics Limited IPO Details

SectorChemicals
Price range₹309 – ₹325
IPO type
Regular
Lot size46 shares
Issue sizeâ‚ą451Cr
Red Herring Prospectus
Read
Market cap
â‚ą1,697.7CrLower than sector avg
RevenueApr 2024 - Mar 2025
â‚ą503.9CrLower than sector avg
Growth rate3Y CAGR
5.86%

Gem Aromatics IPO Subscription Status

Date
QIB
NII
Retail
Total
19-Aug-25
0.61 times (X)
0.86 times (X)
1.09 times (X)
1.03 times (X)
20-Aug-25
1.1X
3.9X
3.2X
2.91X
21-Aug-25
34.61X
44.33X
10.05X
30.1X

As on 19-Aug-25, 5:30 PM

Gem Aromatics IPO Timeline

  1. Pre-apply
    16 Aug 2025
  2. Bid start
    19 Aug 2025
  3. Bid end
    21 Aug 2025
  4. Allotment
    22 Aug 2025
  5. Release of funds
    25 Aug 2025
  6. Demat transfer
    25 Aug 2025
  7. Listing
    26 Aug 2025

About Gem Aromatics Limited

Gem Aromatics Limited is an established manufacturer of speciality ingredients, including essential oils, aroma chemicals and value-added derivatives in India since 1999. The company offers a diversified portfolio of 70 products across 4 main categories: mint and mint derivatives, clove and clove derivatives, phenol, and other synthetic and natural ingredients, serving industries such as oral care, cosmetics, nutraceuticals, pharmaceuticals, wellness and personal care.
The company was one of the largest procurers of Piperita oil and processors of DMO (Dementholised Mint Oil), clove oil, eugenol and eucalyptus oil in India during FY25. As of FY25, Gem Aromatics commanded a 65% market share in Eugenol and 12% in DMO by volume manufactured in India, while controlling over 58% of the Indian Eucalyptus Oil production market. Mint and mint derivatives contributed 69.12% followed by clove and clove derivatives 18.90%, phenol 2.80%, and other synthetic and natural ingredients 7.39% to revenue as of FY25.
The company operates 3 manufacturing facilities with a combined production capacity of 5,346 MTPA as of March 31, 2025. The facilities are located in Budaun, Uttar Pradesh (3,800 MTPA), Silvassa, Dadra and Nagar Haveli (1,500 MTPA), and Dahej, Gujarat (46 MTPA capacity through subsidiary Krystal Ingredients Private Limited).
The company serves a diverse customer base, including Colgate-Palmolive (India) Limited, Dabur India Limited, Patanjali Ayurved Limited, SH Kelkar and Company Limited, and international clients like dĹŤTERRA and Symrise Private Limited. In FY25, it supplied products to 225 domestic customers and 44 international customers across 18 countries, covering the Americas, Asia, Africa and Australia. Export sales constituted 50.66% of total revenue, while domestic sales accounted for 47.55%.
The Global Flavours & Fragrances market is expected to grow from USD 41 billion to USD 57 billion at a 6.9% CAGR over 2025 to 2030; fragrances form 57% of the market. India’s F&F market is expected to grow from $2.7 billion to $4.1 billion at an 8.5% CAGR in the same period, with approximately 67% share from fragrances. The essential oils & aroma chemicals segment in India has high entry barriers due to R&D needs, quality consistency, and supplier stickiness. The global mint oil market is valued at USD 796 million in 2025, growing at 6% CAGR; India produces ~75% of the global supply.
The company is expanding into new product categories, particularly citral-based products, and is in the process of expanding capacity at its Dahej Facility. It has developed advanced processes for producing downstream products using Citral as a base through its R&D facility and has placed orders for specialised equipment to manufacture the full range of Citral-based products. GEM Aromatics holds ~65% share of eugenol and 12% of DMO production in India. Market leadership in high-demand natural oil derivatives ensures pricing power, export potential and gives it access to high-growth global demand.
Now, Gem Aromatics Ltd is launching its initial public offering (IPO), which consists of a fresh issue worth up to â‚ą175 crore and an offer for sale of â‚ą276.25 crore. The total issue size of the IPO is â‚ą451.25 crore. Its shares will be listed on the NSE and BSE.

Gem Aromatics Limited IPO Analysis

IPO REVIEW

Gem Aromatics IPO | Analysis Video

Should you apply?

Watch our analysts break down the Gem Aromatics Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
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Strength and Weakness

Strategically located manufacturing facilities

Its 3 facilities are well-positioned: Budaun in the heart of India’s mint belt, Silvassa near JNPT port for export efficiency, and Dahej close to raw material sources and logistics hubs. This geographic advantage reduces input costs and supports export growth.

Established market leadership in speciality ingredients

The company holds a dominant share in products like DMO (12%), eugenol (65%), and over 58% in the Indian eucalyptus oil market. Its strong market position in 3 of the 4 largest essential oil segments - mint, clove, and eucalyptus provides a competitive edge and industry credibility.

Capacity expansion in high-growth segments

Ongoing expansion at the Dahej facility, including plans to have one of India’s largest capacities for cooling agents (~500 MT) and the second-largest capacity for anisole (7,000 MT), positions the company to capture a higher market share and improve margins.

Long-standing customer relationships

The company serves marquee clients such as Colgate-Palmolive, Dabur, Patanjali, Symrise, and dĹŤTERRA, with repeat customers contributing over 94% of FY25 revenues. This reflects high customer stickiness and revenue visibility.

Export growth potential

With presence in major international markets including the USA, China, Brazil, and Europe, and plans to expand warehousing in American, Asian, and Australian markets, the company can enhance its export revenues and reduce domestic demand dependence.

Objectives of Gem Aromatics Limited IPO

Repayment of loans
80.00%
The company will utilise â‚ą140 crore towards repayment of borrowings.
General corporate purposes
20.00%
Part of the IPO proceeds will be used for general corporate purposes.

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratioD/E ratio
This IPOâ‚ą503.9Cr5.86%â‚ą533.84Crâ‚ą1,697.7Cr28.530.78
This sector (avg.)â‚ą778.53Cr0%â‚ą63.39Crâ‚ą4,831.31Cr115.610.47
â‚ą13,140.31Cr---â‚ą2,096.17Crâ‚ą1,45,645.1Cr65.540.05
â‚ą7,540.26Cr---â‚ą1,287.93Crâ‚ą1,21,980.6Cr92.360.22
â‚ą14,693.07Cr---â‚ą1,250.78Crâ‚ą83,482.13Cr46.920.37

*Revenue for financial year 2024-25. Lower P/E and D/E ratios are generally preferred.

Gem Aromatics IPO Contact Details

Company NameGem Aromatics Limited

How to apply for Gem Aromatics IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Gem Aromatics Limited IPO FAQs

Investors can apply for the Gem Aromatics IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Gem Aromatics IPO is 451 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Gem Aromatics IPO will be open between 2025-08-19 and 2025-08-21.
Gem Aromatics IPO allotment date is 2025-08-25. For Gem Aromatics IPO allotment status check, you can visit the website of the registrar of the IPO.
For Gem Aromatics IPO, the IPO registrar is KFin Technologies Limited. You can check Gem Aromatics IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The Gem Aromatics IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The Gem Aromatics IPO lot size is 46 and minimum order quantity is 46.
Gem Aromatics IPO has set the price band for its IPO at 325 per equity share with a face value of 2.