Neogen Chemicals IPO subscribed 27% on first day of bidding

Neogen Chemicals Ltd's initial public offering was subscribed 27 per cent on the first day of bidding Wednesday.

The Rs 132-crore initial public offering (IPO) received bids for 11,67,595 shares against the total issue size of 43,29,038 shares, according to data from the National Stock Exchange.

The IPO comprises a fresh issue of up to Rs 70 crore and an offer-for-sale of up to 29,00,000 equity shares including an anchor portion of 18,46,715 equity shares.

The portion for non-institutional investors was subscribed 10 per cent and retail individual investors 50 per cent.

Price range for the offer has been fixed at Rs 212-215 per share.

Neogen Chemicals on Tuesday raised Rs 39.70 crore from anchor investors.

Inga Advisors Pvt Ltd and Batlivala & Karani Securities India Pvt Ltd are the book-running lead managers to the offer.

The equity shares of the company are proposed to be listed on the BSE and the NSE.

Neogen Chemicals is one of India's leading manufacturers of bromine-based and lithium-based specialty chemicals.