Advanced Enzyme's Rs 411 cr IPO kicks off tomorrow

Advanced Enzyme Technologies will hit the capital markets tomorrow to raise over Rs 411 crore through its initial public offering (IPO).
The IPO comprises fresh issue of equity 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.
The price band has been fixed at Rs 880 to Rs 896 per equity share. The IPO will be open for subscription tomorrow and closes on July 22.
The company is expected to raise an estimated Rs 411.5 crore at the upper end of the price band.

ICICI Securities and Axis Capital are the lead managers to the issue.
The company is the largest domestic enzyme company, engaged in research, development, manufacture and marketing of over 400 proprietary products developed from 60 indigenous enzymes.
It operates in two primary business verticals namely healthcare and nutrition (human and animal) and bio-processing (food and non-food). It offers products to its global clientele of over 700 customers spanning across 50 countries.
Shares of the company will be listed on both stock exchanges - BSE and NSE.