However, the non-institutional buyers’ class witnessed a mere seven p.c subscription on the opening day
The Rs 760-crore preliminary public providing (IPO) of specialty chemical maker Anupam Rasayan India was absolutely subscribed on the primary day of the bidding course of. The IPO has been subscribed 2.01 times in the retail buyers’ class, whereas in certified institutional patrons (QIB) no subscription has been made but.
The non-institutional buyers’ class witnessed a seven p.c subscription. The issue will shut for subscription on 16 March, 2021.
According to the knowledge obtainable the corporate has reserved 2.2 lakh fairness shares for its staff with a reduction of Rs 55 per share. So far a subscription of 6 p.c has been seen in this portion. The public issue has obtained bids for 1.01 crore fairness shares in comparison with the supply dimension of 97.01 lakh shares.
Ahead of the IPO, Anupam Rasayan had raised Rs 225 crore from 15 anchor buyers at Rs 555 per share on 10 March, 2021. It features a recent issue of 1.37 crore fairness shares by the corporate and would end result in the promoter’s stake decreasing from 75.eight p.c pre-IPO to 65.four p.c after the IPO.
The goal behind the IPO is to make use of the proceeds for reimbursement of money owed price Rs 556.20 crore. According to the knowledge obtainable, the corporate had a complete debt of Rs 861.58 crore as of September 2020. The worth band, which has been mounted for the general public issue, is Rs 553-Rs 555 per fairness share.
The shares are prone to checklist on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on 24 March, 2021.
Ambit Private Limited, Axis Capital Limited, IIFL Holdings Limited and JM Financial Consultants Private Limited are the 4 lead managers of Anupam Rasayan IPO. While the registrar is KFintech Private Limited.
Anupam Rasayan was included in 1984 and is among the main corporations engaged in cotton synthesis and manufacturing of specialty chemical substances in India that’s pigment and dyes, polymer components amongst others.
The firm has six multi-function manufacturing services primarily based in Gujarat with a mixed combination put in capability of round 23,396 metric tonnes. Anupam Rasayan additionally operates in the life-sciences vertical which even contributed 95 p.c to its income.
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