Neogen Chemicals debuts at 17% premium over issue price

NEW DELHI: The shares of Neogen Chemicals on Wednesday debuted on exchanges at nearly 17 per cent premium over the issue price. On BSE, the stock was listed at Rs 251, as compared to the issue price of Rs 215, up 16.7 per cent.
The initial public offering (IPO) of specialty chemicals manufacturer received good response from investors as the issue was subscribed 41.14 times on the final day of bidding on Friday.
The Rs 132-crore IPO received bids for 17,80,95,125 shares against 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 individual investors 15.67 times, said merchant banking sources.
The IPO comprises a fresh issue of up to Rs 70 crore and an offer-for-sale of up to 29,00,000 equity shares, including an anchor portion of 18,46,715 equity shares.
The price range for the offer, which was opened for subscription on Wednesday.
Inga Advisors Pvt Ltd and Batlivala & Karani Securities India Pvt Ltd are the book-running lead managers to the offer.
Neogen Chemicals is a manufacturer of bromine-based and lithium-based specialty chemicals.
(With PTI inputs)