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Neogen Chemicals IPO subscribed 41 times on strong support from investors

April 26
21:33 2019

The initial public offering of Neogen Chemicals received strong response from investors on final day of bidding on April 26.

The Rs 132-crore public offer has oversubscribed 41.18 times as it received bids for 17.82 crore equity shares against the total IPO size of 43.29 lakh shares, according to data available on exchanges.

The reserved portion for qualified institutional buyers has seen subscription of 30.49 times and non-institutional investors 113.88 times while retail category oversubscribed 16.06 times so far.

The issue was subscribed two times on the second day of bidding on April 25.

The IPO comprises a fresh issue of up to Rs 70 crore and an offer-for-sale of up to 29 lakh equity shares, including an anchor portion of 18,46,715 equity shares.

The price range for the offer, which opened for bidding on April 24, was fixed at Rs 212-215 per share.

Neogen Chemicals is a manufacturer of bromine-based and lithium-based specialty chemicals.

Equity shares of the company are proposed to be listed on the BSE and NSE.

Inga Advisors Pvt Ltd and Batlivala & Karani Securities India Pvt Ltd are the book-running lead managers.

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