Neogen Chemicals IPO fully subscribed; retail subscription at 3.15 times

April 25
21:33 2019

The initial public offering of Neogen Chemicals has been fully subscribed on April 25, the second day of subscription.

The public offer has been subscribed 2.09 times, as per data available on the National Stock Exchange. The IPO received bids for 90.47 lakh shares against issue size of 43.29 shares (excluding anchor investors’ portion).

The reserved portion for qualified institutional buyers was subscribed 95 percent and for non-institutional investors was 1.12 times while retail individual investors’ category has seen subscription of 3.15 times.

The Rs 132-crore IPO comprises a fresh issue of up to Rs 70 crore and an offer-for-sale of up to 29,00,000 equity shares including an anchor portion of 18,46,715 equity shares. Price range for the offer has been fixed at Rs 212-215 per share.

Neogen Chemicals, manufacturers of bromine-based and lithium-based specialty chemicals, already raised Rs 39.70 crore from anchor investors on April 23.

Inga Advisors Pvt Ltd and Batlivala & Karani Securities India Pvt Ltd are the book-running lead managers to the offer. The equity shares of the company are proposed to be listed on the BSE and the NSE.

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