However, the non-institutional investors’ category witnessed a mere seven percent subscription on the opening day
The Rs 760-crore initial public offering (IPO) of specialty chemical maker Anupam Rasayan India was fully subscribed on the first day of the bidding process. The IPO has been subscribed 2.01 times in the retail investors’ category, while in qualified institutional buyers (QIB) no subscription has been made yet.
The non-institutional investors’ category witnessed a seven percent subscription. The issue will close for subscription on 16 March, 2021.
According to the information available the company has reserved 2.2 lakh equity shares for its employees with a discount of Rs 55 per share. So far a subscription of 6 percent has been seen in this portion. The public issue has received bids for 1.01 crore equity shares compared to the offer size of 97.01 lakh shares.
Ahead of the IPO, Anupam Rasayan had raised Rs 225 crore from 15 anchor investors at Rs 555 per share on 10 March, 2021. It includes a fresh issue of 1.37 crore equity shares by the company and would result in the promoter’s stake reducing from 75.8 percent pre-IPO to 65.4 percent after the IPO.
The objective behind the IPO is to use the proceeds for repayment of debts worth Rs 556.20 crore. According to the information available, the company had a total debt of Rs 861.58 crore as of September 2020. The price band, which has been fixed for the public issue, is Rs 553-Rs 555 per equity share.
The shares are likely to list on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on 24 March, 2021.
Ambit Private Limited, Axis Capital Limited, IIFL Holdings Limited and JM Financial Consultants Private Limited are the four lead managers of Anupam Rasayan IPO. While the registrar is KFintech Private Limited.
Anupam Rasayan was incorporated in 1984 and is one of the leading companies engaged in cotton synthesis and manufacturing of specialty chemicals in India that is pigment and dyes, polymer additives among others.
The company has six multi-purpose manufacturing facilities based in Gujarat with a combined aggregate installed capacity of around 23,396 metric tonnes. Anupam Rasayan also operates in the life-sciences vertical which even contributed 95 percent to its revenue.
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