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Neogen Chemicals IPO subscribed 2.09 times

Capital Market 

Receives bids for 90.47 lakh shares

The initial public offer (IPO) of Chemicals received bids for 90.47 lakh shares, data on the National Stock Exchange of (NSE) website showed as at 17:00 IST today, 25 April 2019. The IPO was subscribed 2.09 times.

The issue opened for subscription on 24 April 2019 and closes on 26 April 2019. The price band for the issue is Rs 212 to Rs 215 per share.

The objects of the issue is to fund the working capital requirements of Rs 20 crore and towards repayment of certain borrowings of Rs 20.5 crore availed, early redemption of 9.8% fully redeemable cumulative preference shares totalling Rs 11.50 core and rest for apart from providing the benefits of listing the equity shares on the BSE and the NSE and to enhance its visibility and brand image and provide liquidity to its existing shareholders.

Ahead of the opening of the IPO, the board of directors of the company finalized allocation of 18.46 lakh equity shares to anchor investors at Rs 215 per share.

On a consolidated basis, net sales was Rs 159.23 crore and profit after tax stood at Rs 12.09 crore in the nine months ended 31 December 2018.

Chemicals is one of India's leading manufacturers of bromine and The product offerings comprise specialty and other specialty as well as specialty and comprises of pharmaceutical intermediates, agrochemical intermediates, engineering fluids, electronic chemicals, polymers additives, water treatment chemicals, and flavours and fragrances and are widely used for specialised applications to meet industry-specific requirements and can be classified based on application industries.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 25 2019. 17:21 IST