The Rs 132 crore issues received bids for 17,82,51,580 shares, which is 40.70 times of the total issue size of 43,29,038 shares.
The category reserved for qualified institutional buyers (QIBs) was subscribed 30.42 times, non-institutional investors 114.73 times and retail 15.67 times.
The IPO was subscribed 0.27 times and 2 times on the first and second day of bidding process on Wednesday and Thursday, respectively.
Neogen Chemicals IPO set to open: Should you invest?
What you need to know
23 Apr, 2019
The Rs 132 crore initial public offering (IPO) of specialty chemicals firm Neogen Chemicals will hit the market on Wednesday. On the block are fresh issue of shares aggregating up to Rs 70 crore. The issue will close on April 26. Here are the key things about the company one should know before subscribing to the issue
The IPO comprises fresh issue of shares worth up to Rs 70 crore and an offer-for-sale of up to 29,00,000 equity shares. This includes an anchor portion of 18,46,715 equity shares.
The company had on Tuesday raised Rs 39.70 crore from seven anchor investors at Rs 215 per share. The IPO is being sold in the price range of Rs 212-215 per share. It will close for subscription later on Friday.
Neogen makes organic chemical compounds – Bromine compounds and other organic compounds containing chlorine, fluorine and iodine-based and combination – used in application industries such as pharmaceutical, agrochemical, flavour and fragrance and electronic chemicals.
Besides, it makes inorganic chemicals primarily comprising lithium compounds used in vapour absorption machines (VAM) and heating ventilation and air-conditioning (HVAC) and refrigeration, construction chemicals, pharmaceutical and specialty polymer. Organic chemicals account for 60-70 per cent of the company’s revenues while the rest comes in from inorganic chemicals.