The initial public offering of chemical manufacturer Neogen Chemicals saw strong demand on day 1, as the issue was subscribed 28%. The issue received bids for 11.67 lakh shares as against the firm's total issue size of 43.29 lakh shares. The retail investor portion was subscribed 50% while the NIIs bid for a total of 10% of the portion reserved for them. Neogen Chemical public offer will remain open till 26th April. Neogen Chemicals in the leading manufacturer of bromine specialty chemicals in India, and began operations in about 18 years ago at Mahape, Navi Mumbai. \u00a0Over the last many years, the firm has broadened the number of its products to 198, which includes 181 organic and 17 inorganic chemicals. Also read:\u00a0RBI is the first central bank in Asia-Pacific to start interest rate easing cycle Neogen Chemicals public offer consists of a fresh issue totalling up to Rs 70 crore by the company and an offer for sale of up to 16,99,600 equity shares by promoters. The company looks to raise up to Rs 132.35 crore at the upper end of the price band. The firm has set a price band of Rs 212-215 for its initial public offering. The minimum bid lot has been kept at 65 shares and in multiples of 65 shares thereafter. The issue will remain open till the 26th of April 2019. Neogen Chemicals is commenced operations in 1991 with a few bromine-based compounds and lithium salts, and has since grown by leaps and bounds to one of India\u2019s leading manufacturers of bromine and lithium-based derivatives. Neogen Chemicals has installed capacity for 130,400 litres of organic chemicals and 1,200 tons of inorganic chemicals, with utilisation at respectively 64 per cent and 94 percent. Brokerage firm Anand Rathi has a subscribe rating on the stock. At the higher end of the issue price of Rs 215 a share, the stock is valued at \u00a0approximately 20.1x FY18EV\/EBITDA and ~47.8x P \u201cArti Industries and Atul Industries trade at FY18 P\/E multiples of 38-42, while Vinati Organics and Navin quote at respectively 21x and 63x. On the annualised 9MFY19 EPS of \u00a0around 7, the stock priced at 28.5xPE and 17.4x EV\/EBITDA,\u201d Anand Rathi said in a report.