Anupam Rasayan IPO subscribed 1.29 times on first day

The initial public offer of speciality chemicals company Anupam Rasayan India Limited was subscribed 1.29 times on the first day of subscription on Friday.

The Rs 760-crore public issue received bids for 1,25,08,209 shares against 97,01,809 shares on offer, according to NSE data.

The category for non-institutional investors was subscribed 9 per cent and those for retail individual investors (RIIs) 2.58 times.

Price range for the offer, which would close on Tuesday, has been fixed at Rs 553-555 per share.

Anupam Rasayan had on Wednesday raised Rs 225 crore from anchor investors.

The initial public offer (IPO) is an entirely fresh issuance of equity shares and proceeds of the issue would be mainly used to pay the debt.

Axis Capital, Ambit Private Limited, IIFL Securities Limited and JM Financial Limited are the managers to the offer.

Anupam Rasayan commenced operations in 1984 with conventional products and now it makes speciality chemicals that involve multi-step synthesis and complex chemistries.

The company mainly caters to the agrochemical, personal care and pharmaceutical sectors, which accounted for over 95 per cent of its revenues in 2019-20.

Its clients include Syngenta Asia Pacific, Sumitomo Chemical Company and UPL Limited.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link