Chemicals maker Anupam Rasayan initial public offering subscribed 44 times

Tuesday was the last day of bidding

The initial public offer of speciality chemicals company Anupam Rasayan India Limited was subscribed 44.06 times on the last day of bidding on Tuesday.

The Rs 760-crore issue received bids for 42,74,80,578 shares against 97,01,809 shares on offer, as per data available with the NSE.

The category for qualified institutional buyers (QIBs) was subscribed 65.74 times, non-institutional investors 97.42 times and retail individual investors (RIIs) 10.77 times.

Anupam Rasayan had on Wednesday raised Rs 225 crore from anchor investors.

The price range for the offer was Rs 553-555 per share.

Anupam Rasayan commenced operations in 1984 with conventional products and now it makes speciality chemicals that involve multi-step synthesis and complex chemistries.

The company mainly caters to the agrochemical, personal care and pharmaceutical sectors, which accounted for over 95 per cent of its revenues in 2019-20.

Its clients include Syngenta Asia Pacific, Sumitomo Chemical Company and UPL Limited.

Axis Capital, Ambit Private, IIFL Securities and JM Financial were the managers to the offer.