Mumbai-based Advanced Enzyme Technologies on Wednesday fixed a price band of `880-896 a share for its proposed initial public offer (IPO). It seeks to raise `411.44 crore (based on upper price band) through the public offer.
The company said it would provide a discount of `86 to all eligible employees. The bids can be made for a minimum of 16 shares and in multiples of 16 equity shares thereafter.
The issue would open for public subscription on July 20. Axis Capital and ICICI Securities are the book running lead managers for the offering.
The company plans to allot shares worth `130 to the anchor investors. The anchor allotment would be done on July 19 – one day prior to the opening of the issue. The public offering cosists of a fresh issue of `50 crore and an offer for sale of up to 40.34 lakh shares.
Among the exisiting investors Kotak Venture Fund Offshore Fund and Kotak Employees Investment Trust who hold 1.55% and 0.08% are fully divesting their stake in the company. Kotak India Venture Fund is making a partial exit.
The company, which claims to be the largest manufacturer of enzymes in India, reported a net profit of R78.43 crore in FY16 and a total revenue of R294.6 crore.