Anupam Rasayan IPO subscribed 1.29 times on first day

The initial public offer of speciality chemicals company Anupam Rasayan India Limited was subscribed 1.29 times on the first day of subscription on Friday.

The Rs 760-crore public issue received bids for 1,25,08,209 shares against 97,01,809 shares on offer, according to NSE data.

The category for non-institutional investors was subscribed 9 per cent and those for retail individual investors (RIIs) 2.58 times.

Price range for the offer, which would close on Tuesday, has been fixed at Rs 553-555 per share.

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

The initial public offer (IPO) is an entirely fresh issuance of equity shares and proceeds of the issue would be mainly used to pay the debt.

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

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.