Advanced Enzyme IPO sails through, oversubscribed 4.28 times

The Rs 411.5-crore initial public offer of Advanced Enzyme Technologies was oversubscribed 4.28 times on the second day of the offer today.
The IPO received bids for 1,38,38,896 shares as against the total issue size of 32,34,059, data available with NSE till 1700 hours showed.
The quota reserved for qualified institutional buyers (QIBs) was oversubscribed 5.90 times and that of retail investors 4.89 times.
Non-institutional investors' portion was subscribed 83 per cent.
Advanced Enzyme Tech has mopped up nearly Rs 123 crore from as many as 15 anchor investors.
Price band has been fixed at Rs 880-896 per share for the IPO, which closes tomorrow.

The company is the largest domestic enzyme company engaged in research, development, manufacturing and marketing of over 400 proprietary products developed from 60 indigenous enzymes.

The IPO comprises fresh issue of shares worth Rs 50 crore and an offer for sale (OFS) for up to 4,034,470 scrips 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.