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Neogen Chemicals IPO subscribed 40.30 times on final day of bidding

PTI     April 26, 2019

The initial public offering of Neogen Chemicals Ltd was subscribed 40.30 times on the final day of bidding Friday.

The Rs 132-crore initial public offering (IPO) received bids for 17,44,80,540 shares against the total issue size of 43,29,038 shares, according to NSE data till 1645 hours.

The IPO was subscribed two times on the second day of bidding on Thursday.

It 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 opened for bidding 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.

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