Neogen Chemicals’ Rs 132 crore IPO to open on April 24
The company is offering shares in the price band of Rs 212-215 per share.
The IPO consists of a fresh issue aggregating up to Rs 70 crore by the company and an offer for sale of up to 29,00,000 shares by promoters Haridas Thakarshi Kanani and Beena Haridas Kanani.
The company is offering shares in the price band of Rs 212-215 per share, and the issue closes on April 26.
The net proceeds from the fresh issue are proposed to be utilised for prepayment or repayment of all or a portion of certain borrowings availed by the company, early redemption of 9.8 per cent FRPCPs (fully redeemable cumulative preference shares), long-term working capital and general corporate purposes.
Inga Advisors is the book running lead manager of the issue while Batlivala & Karani Securities India is the co-book running lead manager to the offer.
Neogen’ issue is set to hit the market after successful fundraising and listing by Metropolis Healthcare and Polycab India.
Neogen manufactures specialty organic bromine-based chemical compounds and other specialty organic chemical compounds as well as specialty inorganic lithium-based chemicals compounds.
The firm commenced their business operations in 1991, at Mahape, Navi Mumbai manufacturing facility with a few Bromine Compounds and Lithium Compounds.
As on February 28, Neogen has manufactured an aggregate of 198 products comprising 181 organic chemicals and 17 inorganic chemicals.