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Neogen Chemicals gets Sebi's go ahead for IPO

Press Trust of India  |  New Delhi 

Specialty Chemicals has received capital markets regulator Sebi's go ahead to float an

With this, the total number of company getting Sebi's clearance for the public issues -- initial public offer (IPO) and follow on public offer (FPO) -- has reached to seven, so far in the new year.

Chemicals, which had filed its IPO papers with Sebi in November last year, obtained the regulator's "observations" on February 8, latest update available with the capital markets watchdog showed.

Securities and Exchange Board of India's (Sebi) observation is necessary for any company planning to launch public issues.

Going by the draft papers, Chemicals' initial share sale comprises fresh issuance of shares aggregating up to Rs 70 crore and an offer for sale of up to Rs 29 lakh by the company's promoters.

The company is a leading manufacturer of

Proceeds of the issue will be utilised towards repayment of certain borrowings availed by the company, long-term working capital, and for

"Our company expects to receive the benefits of listing of equity shares on stock exchanges, including among other things, enhancing the visibility of our brand and company," as per the draft papers.

and will manage the company's initial public offer (IPO).

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

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

First Published: Tue, February 12 2019. 11:26 IST