The portion reserved for retail investors was subscribed 2.59 times. While the Qualified Institutional Buyer remained unsubscribed, the Non-Institutional Investor category was subscribed 0.09 times. The Employee category was subscribed 0.30 times.
The offer consists of a fresh issuance of equity shares aggregating up to 760 Cr of face value of Rs 10 each. The minimum bid lot is of 27 equity shares, thereafter in multiples. The price band has been fixed at Rs. 553 – Rs. 555 per Equity Share. It will be listed on BSE & NSE. Prior to the IPO opening, the company raised Rs 225 cr via a pre ipo placement through 15 Anchor Investors across Asia, US & UK which included participation from marquee investors like Birla MF, Nomura Asset Management, Fidelity International, Sundaram MF, SBI Life and others.
Key brokerage houses like Axis Securities, ICICI Direct, Motilas Oswal, Canara Bank Securities Ltd, Kotak Securities, Angel Broking, HEM Securities, Choice Capital, BP Securities and Ventura have given positive recommendations for the issue while highlighting the key strengths of the company like diversified customer base, core focus on process innovation and constant upgradation, consistent R&D, stringent quality specifications, strong and long-term client relationships, marquee client base amongst others. These report have further highlighted the Company’s consistent track record of financial performance and experienced management as one of the key advantages of the Company.
The reports have also highlighted that India’s specialty chemicals industry is expected to grow at a CAGR of approximately 10% to 11% over the next five years and that India accounts for approximately 1% to 2% of the global exportable specialty chemicals; which indicates a large scope of improvement and widespread opportunity in the speciality chemicals segment.
Axis Capital Limited, Ambit Private Limited, IIFL Securities Limited and JM Financial Limited are the book running lead managers to the Issue.
(Subscription table below)