Anupam Rasayan IPO subscribed 3.64 times on second day of subscription

The firm is in the speciality chemicals space

The initial public offer of speciality chemicals company Anupam Rasayan India was subscribed 3.64 times on the second day of subscription on Monday.

The Rs 760-crore issue received bids for 3,53,30,067 shares against 97,01,809 shares on offer, as per NSE data.

The portion for qualified institutional buyers (QIBs) was subscribed 37 per cent, non-institutional investors 1.39 times and retail individual investors (RIIs) 6.60 times.

The price range for the offer, which started on Friday, 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.

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