Neogen Chemicals plans to raise Rs 132 crore from IPO

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Published: April 19, 2019 12:29:56 AM

Neogen Chemicals, a manufacturer of bromine and lithium-based speciality chemicals, proposes to open its initial public offering (IPO) of equity shares on April 24. It plans to raise up to Rs 132.35 crore and has fixed a price band of Rs 212-215 per equity share with a face value of Rs 10 each.

Neogen Chemicals plans to raise Rs 132 cr from IPONeogen Chemicals plans to raise Rs 132 cr from IPO

Neogen Chemicals, a manufacturer of bromine and lithium-based speciality chemicals, proposes to open its initial public offering (IPO) of equity shares on April 24. It plans to raise up to Rs 132.35 crore and has fixed a price band of Rs 212-215 per equity share with a face value of Rs 10 each.

The minimum bid lot is 65 equity shares and in multiples of 65 equity shares thereafter. The IPO consists of a fresh issue aggregating up to `70 crore by the company and an offer for sale of up to 29 lakh shares by promoters Haridas Thakarshi Kanani and Beena Haridas Kanani. While the former would be offloading 16.99 lakh shares, the latter will sell 12 lakh shares.

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% 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.

NCL commenced its business operations in 1991, at Mahape, Navi Mumbai manufacturing facility, with a few Bromine Compounds and Lithium Compounds.

Over the years, NCL expanded their range of products and, presently, manufacture an extensive range of specialty chemicals which find application across various industries in India and globally. As on February 28, 2019, NCL manufactured an aggregate of 198 products comprising 181 organic chemicals and 17 inorganic chemicals.

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