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The initial public offer (IPO) of Anupam Rasayan received bids for 42.74 crore shares as against 97.01 lakh shares on offer, according to the stock exchange data at 17:00 IST on Tuesday (16 March 2021). The issue was subscribed 44.06 times.
The non-institutional investors category was subscribed 97.42 times. The qualified institutional buyers (QIBs) category was subscribed 65.74 times. The retail individual investors category was subscribed 10.77 times.
The issue opened for bidding on Friday, 12 March 2021, and it will closed on Tuesday, 16 March 2021. The price band for the IPO was set at Rs 553-555 per share. The offer comprised of a fresh issue aggregating up to Rs 760 crore by the company.
Ahead of the IPO, the company on 10 March 2021 finalized allocation of 40,48,647 shares to anchor investors at Rs 555 per share, aggregating to Rs 224.69 crore.
The company intends to utilize Rs 563.698 crore of the net proceeds towards repayment/prepayment of certain indebtedness availed by the company (including accrued interest) and balance for general corporate purposes. The company's total debt as on 31 December 2020 stood at Rs 841.975 crore.
On a consolidated basis, the company reported a net profit of Rs 48.1 crore and revenue of Rs 539.22 crore in the nine months ended on 31 December 2020.
Anupam Rasayan is one of the leading companies engaged in the custom synthesis and manufacturing of specialty chemicals in India. It commenced its business as a partnership firm in 1984 as a manufacturer of conventional products and have, over the years, evolved into custom synthesis and manufacturing of life science related specialty chemicals and other specialty chemicals, which involve multi-step synthesis and complex technologies, for a diverse base of Indian and global customers.
The company has two distinct business verticals (i) life science related specialty chemicals comprising products related to agrochemicals, personal care and pharmaceuticals, and (ii) other specialty chemicals, comprising specialty pigment and dyes, and polymer additives. In Fiscal 2020 and in the nine months ended December 31, 2020, revenues from life science related specialty chemicals vertical accounted for 95.37% and 93.75%, respectively of total revenue from operations, while revenue from other specialty chemicals accounted for 4.63% and 6.25%, respectively in such periods.
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