Astec LifeSciences IPO price fixed at Rs 82

Agro-chemical and pharma company Astec LifeSciences today said that it has fixed the price of its initial public offer at Rs 82 per equity share, the upper end of the price band.

The company entered the capital market on October 29 with a public issue of 75,00,000 equity shares of Rs 10 each and a price band of Rs 77 to Rs 82 per equity share.

The issue, which was made through a 100 per cent book building process, has been oversubscribed 1.55 times, the company said in a statement here.

The book-running lead manager of the IPO is Almondz Global Securities.

The objective of the IPO is to raise funds for the company’s expansion plans for its production and research and development units in Maharashtra.

Astec plans to expand the production capacity of its unit in Mahad from the current 2,800 metric tonnes to 3,950 metric tonnes.

The company will also upgrade its research and development facility at Dombivli near here that would enable it to carry out research on more complex molecules and to undertake contract research activities.

The proceeds of the IPO would also be utilised to register two products in Brazil and six products in the country.