Connect with us

Business

Anupam Rasayan initial public offering (IPO) To Open Tomorrow

Anupam Rasayan will utilise the IPO proceeds to repay debt and for general corporate purposes.

Anupam Rasayan’s Rs 760 crore initial public offer (IPO) will open for subscription tomorrow i.e. March 12 and will close on March 16. The shares of the specialty chemical company will be sold in the price band of Rs 553-555 per share.

The IPO will be a fresh issue of equity shares. Investors can place bids for a minimum of 27 equity shares and in multiples of 27 equity shares, extending up to 13 lots. A total of 50 per cent will be reserved for QIBs, 15 per cent for non-institutional investors and 35 per cent for retail investors. Some portion will also be reserved for the company employees.

Anupam Rasayan will utilise the IPO proceeds to repay debt and for general corporate purposes.

On March 10, Anupam Rasayan raised Rs 225 crore from 15 anchor investors, including Aditya Birla Sunlife Mutual Fund (MF), Nomura Funds Ireland Public Company, Fidelity International, Sundaram MF and SBI Life Insurance Co.

Anupam Rasayan started operations at Surat in 1984. It has six multi-purpose manufacturing facilities across Gujarat, with an installed capacity of about 23,396 metric tonnes.

Axis Capital, Ambit Private, IIFL Securities and JM Financial are the book-running lead managers to the issue.

Source link