The ₹132-crore initial public offer (IPO) offer was open from 24-26 April 2019. It was oversubscribed 41.18 times.
Neogen Chemicals, a leading manufacturer of bromine and lithium-based specialty chemicals, made a strong debut at the Bombay Stock Exchange (BSE) today, listing at a 17 per cent premium over its issue price. It was listed at ₹ 263 per share, up 22% from its issue price of ₹215 per share.
The ₹132-crore initial public offer (IPO) offer was open from 24-26 April 2019. It was oversubscribed 41.18 times. The qualified institutional buyers (QIBs) category was subscribed 30.49 times while the non-institutional investors category was subscribed 113.88 times. The retail individual investors (RIIs) category was subscribed 16.06 times.
The company with debt equity ratio of 1.6:1.8 plans to increase its capacity to around 24,00 tonnes. "With our manufacturing facilities located in Mahape and Vadodara along with the developing manufacturing unit in Dahej SEZ, we aim at doubling our capacities and generate a revenue of ₹300 Crore in next 2-3 years", Harin Kanani , JT. MD of Neogen Chemicals said.
Along with domestic markets, the company caters to international markets including European countries, China and Japan. The company aims at expanding its operations in US markets after increasing the capacity.