Mumbai: Advanced Enzyme Technologies on Wednesday fixed a price band of 880-896 per share for its proposed initial public offering (IPO) that seeks to raise around 412 crore.

The company is selling equity shares with face value of 10 each at a price of 880-896 aggregating to 50 crore and an offer-for-sale by the promoter group shareholders, along with Kotak Employees Investment Trust, Kotak India Venture Fund I and Kotak India Venture (Offshore) Fund.

The offer opens on 20 July and closes on 22 July. The firm is engaged in research, development, manufacturing and marketing of over 400 proprietary products developed from 60 indigenous enzymes.

It ranks among the top 15 global firms in terms of enzyme sales and has the second highest market share domestically, next only to the world’s largest enzyme company Novozymes, Advanced Enzyme managing director Chandrakant L. Rathi told reporters.

It operates in two primary business verticals—healthcare and nutrition (human and animal), and bio-processing (food and non-food).

The firm offers products to its global clientele of over 700 customers across 50 countries, Rathi said. Global growth is estimated to be led by speciality enzymes while industrial enzymes are expected to see moderate growth. North America dominates the global enzyme market.

The domestic enzyme market is expected to grow from $105 million in 2015 to $279 million in 2020. The company aims to replace traditionally used chemicals with eco-friendly enzymatic solutions, Rathi added.

ICICI Securities Ltd and Axis Capital Ltd are the lead managers to the issue.

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