Day 2: Anupam Rasayan IPO subscribed over 2 times so far

The initial public offer (IPO) of speciality chemicals company Anupam Rasayan India was subscribed over 2 times on the second day of subscription so far on Monday.

The category for non-institutional investors was subscribed 0.15 times and those for retail individual investors (RIIs) 4.04 times. Employee quota also got subscribed by 0.49 times.

Price range for the offer, which will close on Tuesday, has been fixed at Rs 553-555 per share.

The company on Wednesday had raised Rs 225 crore from anchor investors. The initial public offer (IPO) is an entirely fresh issuance of equity shares and proceeds of the issue would be mainly used to pay the debt.

Axis Capital, Ambit Private, IIFL Securities and JM Financial are the managers to the offer.

Anupam Rasayan commenced operations in 1984 with conventional products and now it makes speciality chemicals that involve multi-step synthesis and complex chemistries.

The company mainly caters to the agrochemical, personal care and pharmaceutical sectors, which accounted for over 95% of its revenues in 2019-20.