Advanced Enzyme Tech IPO subscribed 89% on Day 1

The initial public offer of Advanced Enzyme Technologies was subscribed 89 per cent on the first day of the 3-day bidding today.
The Rs 411.5-crore IPO received bids for 28,90,304 shares against the total issue size of 32,34,059, data available with the NSE till 1700 hours showed.
The portion set aside for retail investors has been oversubscribed 1.49 times while QIB quota has received 41 per cent subscription and that of high networth individuals (HNIs) segment stood at 17 per cent, sources said.
The IPO has attracted over 80,600 applications on Day 1.
Advanced Enzyme Tech yesterday 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 on July 22.

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.

Meanwhile, Advanced Enzymes has clarified that it produces enzymes only through microbial fermentation. This modern biotechnological route harnesses the power of microbes for producing enzymes and does not involve any extraction process from animals, the company said in a statement.
ICICI Securities and Axis Capital are the lead managers to the issue.