Neogen Chemicals IPO subscribed 41 times on good response from investors

Illustration: Ajay Mohanty

The initial public offering of Neogen Chemicals received good response from investors as the issue was subscribed 41.14 times on the final day of bidding Friday.

The Rs 132-crore initial public offering (IPO) received bids for 17,80,95,125 shares against the total issue size of 43,29,038 shares, according to an update on the NSE at 19:30 hrs.

The category reserved for qualified institutional buyers (QIBs) was subscribed 30.42 times, non-institutional investors 114.73 times and retail individual investors 15.67 times, said merchant banking sources.

The 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.

The price range for the offer, which was opened for subscription on Wednesday, has been fixed at Rs 212-215 per share.

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

Equity shares of the company are proposed to be listed on the BSE and the National Stock Exchange (NSE).

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


Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel