Advanced Enzyme raises Rs 123 cr from underwriters

The company's Rs 412-crore IPO will remain open between Wednesday and Friday

Ahead of its initial public offering of shares on Wednesday, Advanced Enzyme Technologies on Tuesday mopped up nearly Rs 123 crore from as many as 15 anchor investors (underwriters).

A little over 1.37 million shares were allotted to anchor investors at Rs 896 apiece, the upper end of the price band for the estimated Rs 411-crore IPO.

DB International (Asia) Ltd, Kuwait Investment Authority Fund, DSP Blackrock Equity Fund, SBI Life Insurance Company Ltd, L&T Mutual Fund Trustee Ltd, and Tata AIA Life Insurance Co Ltd are among the anchor investors.

Advanced Enzyme Technologies is the largest domestic enzyme company, engaged in research, development, manufacturing, and marketing of more than 400 proprietary products developed from 60 indigenous enzymes.

In a communication to stock exchanges, the company said it had raised Rs 123 crore from anchor investors.

The allocation of 1.37 million shares to anchor investors was finalised at the meeting of the company's IPO committee on Tuesday.

The price band has been fixed at Rs 880 to 896 per share for the IPO, which closes on Friday.

The IPO comprises fresh issue of shares worth Rs 50 crore and an offer for sale (OFS) for up to 4,034,470 stocks by promoter group shareholders, along with Kotak Employees Investment Trust, Kotak India Venture Fund I, and Kotak India Venture (Offshore) Fund.

Advanced Enzyme Technologies is expected to mop up around Rs 411.5 crore at the upper end of the price band.

ICICI Securities and Axis Capital are the lead managers to the issue.