Neogen Chemicals is launching  its three days initial public offering as the promoters of the specialty chemicals maker look to pare holdings and the company plans to repay debt, the news broke out on Wednesday.
The maker of bromine and lithium-based derivatives plans to raise Rs 132.35 crore by selling 61.6 lakh equity shares at Rs 212-215 apiece, according to its red herring prospectus. The maiden offer—the third this month—consists of a fresh issue and an offer-for-sale by two promoters Haridas Thakarshi Kanani and Beena Haridas Kanani.
The IPO values the company at nearly Rs 502 crore at the upper end of the price band, according to calculations. After the listing, the promoters’ shareholding will fall to 70 percent from 95.8 percent. The rest will be held by public.
Neogen Chemicals raised Rs 39.7 crore from seven anchor investors at Rs 215 apiece, according to its exchange filings. These investors include SBI Funds, Axis Mutual Fund Trustee, Sundaram Mutual Fund and L&T Mutual Fund.
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