 "Advanced Enzyme subscribed four times on Day 2")
The Rs 412-crore initial public offering (IPO) of Advanced Enzyme Technologies has been subscribed over four times, a day before its close. The retail and institutional portion have already been oversubscribed by around two and six times, respectively, according to provisional data provided by stock exchanges.
Advanced Enzyme's IPO comprises of Rs 362 crore worth of share sale by existing investors and another Rs 50 crore worth of fresh fund raising. The price band for the IPO is Rs 880-896 a share. The company has already raised Rs 123 crore from 15 anchor investors, by allotting them shares at Rs 896 apeice. The IPO is being handled by ICICI Securities and Axis Capital.
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