Anupam Rasayan IPO subscribed 2.01 instances on Day One in retail buyers; concern closes on 16 March
Nonetheless, the non-institutional buyers’ class witnessed a mere seven % subscription on the opening day
The Rs 760-crore preliminary public providing (IPO) of specialty chemical maker Anupam Rasayan India was totally subscribed on the primary day of the bidding course of. The IPO has been subscribed 2.01 instances within the retail buyers’ class, whereas in certified institutional consumers (QIB) no subscription has been made but.
The non-institutional buyers’ class witnessed a seven % subscription. The problem will shut for subscription on 16 March, 2021.
Based on the knowledge accessible the corporate has reserved 2.2 lakh fairness shares for its workers with a reduction of Rs 55 per share. To this point a subscription of 6 % has been seen on this portion. The general public concern has acquired bids for 1.01 crore fairness shares in comparison with the supply dimension of 97.01 lakh shares.
Forward of the IPO, Anupam Rasayan had raised Rs 225 crore from 15 anchor buyers at Rs 555 per share on 10 March, 2021. It features a contemporary concern of 1.37 crore fairness shares by the corporate and would outcome within the promoter’s stake decreasing from 75.8 % pre-IPO to 65.4 % after the IPO.
The target behind the IPO is to make use of the proceeds for reimbursement of money owed price Rs 556.20 crore. Based on the knowledge accessible, the corporate had a complete debt of Rs 861.58 crore as of September 2020. The value band, which has been fastened for the general public concern, is Rs 553-Rs 555 per fairness share.
The shares are prone to record on the Bombay Inventory Trade (BSE) and the Nationwide Inventory Trade (NSE) on 24 March, 2021.
Ambit Non-public Restricted, Axis Capital Restricted, IIFL Holdings Restricted and JM Monetary Consultants Non-public Restricted are the 4 lead managers of Anupam Rasayan IPO. Whereas the registrar is KFintech Non-public Restricted.
Anupam Rasayan was included in 1984 and is without doubt one of the main firms engaged in cotton synthesis and manufacturing of specialty chemical substances in India that’s pigment and dyes, polymer components amongst others.
The corporate has six multi-purpose manufacturing services primarily based in Gujarat with a mixed mixture put in capability of round 23,396 metric tonnes. Anupam Rasayan additionally operates within the life-sciences vertical which even contributed 95 % to its income.
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