Advanced Enzyme Technologies (AETL) has raised Rs 122.84 crore from allotment of 13.71 lakh shares to a slew of anchor investors including foreign institutional investors, mutual funds and insurance companies. Shares have been allotted to anchor investors at Rs 896 per share -- the top end of the Rs 880-896 per share price band for the company's initial public offer (IPO). The IPO opened for bidding today, 20 July 2016. The bidding for the IPO concludes on Friday, 22 July 2016.

Among the anchor investors, foreign fund DB International (Asia) was allotted 2.77 lakh shares constituting 20.23% of the total allocation to anchor investors. Among other anchor investors, Kuwait Investment Authority, ICICI Prudential Midcap Fund, Reliance Small Cap Fund and SBI Life Insurance Company were allotted 89,286 shares each, constituting 6.51% each of the allocation to anchor investors. Among other anchor investors Shinhan BNPP Bonjour India Equity Investment Trust, Birla Sun Life Insurance Company, Tata AIA Life Insurance Co, Reliance Nippon Life Insurance Co., and Kotak Mahindra Old Mutual Life Insurance were allotted 66,965 shares each, constituting 4.88% each of the allocation to anchor investors.

The IPO of AETL is a combination of a fresh issue of shares aggregating upto Rs 50 crore and offer for sale of upto 40.34 lakh shares from promoter group selling shareholders, investor group selling shareholders and other selling shareholders. Promoted by Vasant Rathi and Chandrakant Rathi, AETL is the largest Indian enzyme company engaged in the research & development, manufacturing and marketing of more than 400 proprietary enzyme products developed from 60 indigenous enzymes. AETL ranks among the top 15 global companies in terms of enzyme sales and has the second highest market share domestically, next only to the world's largest enzyme company Novozymes. AETL is an integrated company with presence across the enzyme value chain, covering the entire range of activities from research & development, commercial-scale manufacturing, to marketing of enzyme products and customized enzyme solutions which enables AETL to be cost effective and competitive.

From the proceeds of the fresh issue, AETL has earmarked Rs 40 crore for investment in Advanced Enzymes USA, a wholly owned subsidiary of the company, for repayment of certain loans availed by Advanced Enzymes USA. The rest Rs 10 crore is for general corporate purpose.

After three years of sluggish performance, AETL posted strong growth in the year ended 31 March 2016 (FY 2016). Consolidated net profit rose 57% to Rs 78.44 crore on 32% growth in net sales to Rs 293.76 crore in the year ended 31 March 2016 (FY 2016) over the year ended 31 March 2015 (FY 2015).

The company does not have a formal dividend distribution policy. It paid interim dividend of 10% for FY 2016. The rate of dividend was 5% each in FY 2014 and FY 2015, 15% in FY 2013 and 10% in FY 2012.