The initial public offer (IPO) of Neogen Chemicals received bids for 90.47 lakh shares, data on the National Stock Exchange of India (NSE) website showed as at 17:00 IST today, 25 April 2019. The IPO was subscribed 2.09 times.

The issue opened for subscription on 24 April 2019 and closes on 26 April 2019. The price band for the issue is Rs 212 to Rs 215 per share.

The objects of the issue is to fund the working capital requirements of Rs 20 crore and towards repayment of certain borrowings of Rs 20.5 crore availed, early redemption of 9.8% fully redeemable cumulative preference shares totalling Rs 11.50 core and rest for general corporate purpose apart from providing the benefits of listing the equity shares on the BSE and the NSE and to enhance its visibility and brand image and provide liquidity to its existing shareholders.

Ahead of the opening of the IPO, the board of directors of the company finalized allocation of 18.46 lakh equity shares to anchor investors at Rs 215 per share.

On a consolidated basis, net sales was Rs 159.23 crore and profit after tax stood at Rs 12.09 crore in the nine months ended 31 December 2018.

Neogen Chemicals is one of India's leading manufacturers of bromine and lithium-based specialty chemicals. The product offerings comprise specialty organic bromine-based chemical compounds and other specialty organic chemical compounds as well as specialty inorganic lithium-based chemicals compounds and comprises of pharmaceutical intermediates, agrochemical intermediates, engineering fluids, electronic chemicals, polymers additives, water treatment chemicals, construction chemicals and flavours and fragrances and are widely used for specialised applications to meet industry-specific requirements and can be classified based on application industries.