New Delhi, Aug. 21 -- The Rs.451 crore initial public offering (IPO) of Gem Aromatics, which opened for subscription on August 19, closed today, August 21, with the issue subscribed 30.45 times during the three-day bidding period.

It received bids for 29.59 crore shares against the total offer of 97.19 lakh shares, resulting in an overall subscription of 30.45 times by the end of Day 3, according to exchange data.

The QIB (Qualified Institutional Buyers) category saw strong interest, with its portion subscribed 53 times, while the non-institutional investors' quota was booked 45 times. The retail investors' portion was subscribed 10.49 times.

The company proposes to use the proceeds from the issue towards the prepayment and/or repaymen...