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Business News/ Markets / Ipo/  Anupam Rasayan IPO fully subscribed on day 1
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Anupam Rasayan IPO fully subscribed on day 1

The issue received bids for 12.5 million equity shares against the offer size of 9.70 million shares, according to the data available on exchanges
  • The issue aggregating up to ₹760 crore is an entirely fresh issuance of equity shares and proceeds of the issue would be mainly used to pay the debt
  • Axis Capital, Ambit Private, IIFL Securities and JM Financial have been appointed as merchant bankers for the issue (iStock)Premium
    Axis Capital, Ambit Private, IIFL Securities and JM Financial have been appointed as merchant bankers for the issue (iStock)

    Mumbai: The 760-crore initial public offering (IPO) of Anupam Rasayan India, subscribed 1.29 times on the first day of bidding on the overwhelming response from Retail investors.

    The issue received bids for 12.5 million equity shares against the offer size of 9.70 million shares, according to the data available on exchanges.

    Retail investors portion was subscribed the most with 2.58 times. Non-institutional investors saw 9% subscription, while qualified institutional buyers were yet to put in their bids, whereas employee portion was subscribed 30%.

    On Thursday, it raised 225 crore from 15 anchor investors at 555 per share, at upper band of the initial public offer.

    Aditya Birla Sunlife Mutual Fund (MF), Nomura Funds Ireland Public Ltd Company, Fidelity International, Sundaram MF, SBI Life Insurance Co, IIFL Special Opportunities Fund, Malabar Select Fund and Max Life Insurance Co were among the 15 anchor investors.

    The issue aggregating up to 760 crore is an entirely fresh issuance of equity shares and proceeds of the issue would be mainly used to pay the debt.

    Angel Broking in a note said, "The company has strong and long-term relationships with various multinational corporations, including Syngenta Asia Pacific Pte. Ltd., Sumitomo Chemical Company Limited and UPL Limited. The company has posted strong revenue growth of 24.3% CAGR between FY2018 to FY2020. Despite the impact of the COVID-19 pandemic, the company has posted revenue growth of 45.0% for the nine month period ending December 2021. Given strong revenue growth and long-term relationships with various multinational corporations we recommend a "SUBSCRIBE" rating to the IPO."

    Axis Capital, Ambit Private, IIFL Securities and JM Financial have been appointed as merchant bankers for the issue.

    Anupam Rasayan is a company engaged in the custom synthesis and manufacturing of specialty chemicals in India.

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    Published: 12 Mar 2021, 08:09 PM IST
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