Neogen Chemicals IPO subscribed 41 times on good response from investors

The initial public offering of Neogen Chemicals received good response from investors as the issue was subscribed 41.14 times on the final day of bidding Friday.

The Rs 132-crore initial public offering (IPO) received bids for 17,80,95,125 shares against the total issue size of 43,29,038 shares, according to an update on the NSE at 19:30 hrs.

The category reserved for qualified institutional buyers (QIBs) was subscribed 30.42 times, non-institutional investors 114.73 times and retail individual investors 15.67 times, said merchant banking sources.

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 price range for the offer, which was opened for subscription on Wednesday, has been fixed at Rs 212-215 per share.

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

Equity shares of the company are proposed to be listed on the BSE and the National Stock Exchange (NSE).

Neogen Chemicals is a manufacturer of bromine-based and lithium-based specialty chemicals.