Anupam Rasayan IPO opens on March 12, price band fixed at Rs 553-555
The grey market premium for the issue is quoting in the range of Rs 290-320 apiece implying a premium of 52-57%.
Surat-based Anupam Rasayan India, one of the leading companies engaged in the custom synthesis and manufacturing of specialty chemicals in India, is set to launch its Rs 760 crore initial public offering for subscription on Friday, March 12.
The specialty chemical maker has fixed the price band at Rs 553-555 per share. The public issue will close for subscription on Tuesday, March 16, 2021. Investors can bid for a minimum of 27 equity shares and in multiples, thereafter, translating to a minimum investment of Rs 14,985. A retail investor can at max apply for 13 lots or 351 shares for 1,94,805.
The offering is fresh issuance of shares and the net proceeds would be utilized towards repayment or prepayment of certain indebtedness and for general corporate purposes. As of September, the company had a total debt of Rs814.48 crore.
As per industry sources, the grey market premium for the issue is quoting in the range of Rs 290-320 apiece implying a premium of 52-57%.
Anupam Rasayan started operations in 1984. It currently has two business verticals, viz. life science-related specialty chemicals comprising products pertaining to agrochemicals, personal care and pharmaceuticals; and other specialty chemicals, comprising specialty pigment and dyes, and polymer additives.
The company compares itself with listed counterparts like PI Industries, Navin Fluorine International, Astec Lifesciences and SRF.
About 2.20 lakh shares have been reserved for eligible employees, while up to 50% of the issue will be set aide for institutional buyers (QIB). For retail investors not less than 35% and for the non-institutional category not less than 15% of the net issue has been reserved.
This will be the 11th company to launch an initial public offering in 2021 after Indian Railway Finance Corporation, Indigo Paints, Home First Finance Company, Stove Kraft, Brookfield India REIT, Nureca, RailTel Corporation of India, Heranba Industries, MTAR Technologies, and Easy Trip Planners which opened for subscription on March 8.
Axis Capital, Ambit, IIFL Securities and JM Financial are the book-running lead managers. Whereas KFin Technologies is the registrar of the issue.