Anupam Rasayan India Limited share sale through preliminary public providing (IPO) was oversubscribed on the primary day of the problem. The IPO was subscribed 1.29 occasions by the tip of the primary day of the problem, information from the National Stock Exchange confirmed. Anupam Rasayan shares acquired over 1.25 crore bids for 97 lakh shares on the provide, in keeping with information on the NSE. Atotal of 94 lakh bids had been acquired on the cut-off worth. Retail portion was subscribed 1.02 occasions, non-institutional portion was subscribed 0.02 occasions whereas the portion for certified instututional patrons was not subscribed on the day 1 of th IPO.
Anupam Rasayan plans to boost Rs 760 crore by promoting shares within the worth band of Rs 553-555 per share.
The IPO shall be a contemporary problem of fairness shares. Investors can place bids for no less than 27 fairness shares and in multiples of 27 fairness shares, extending as much as 13 heaps. A complete of fifty per cent shall be reserved for QIBs, 15 per cent for non-institutional buyers and 35 per cent for retail buyers. Some portion can even be reserved for the corporate staff.
Anupam Rasayan will utilise the IPO proceeds to repay debt and for common company functions.
On March 10, Anupam Rasayan raised Rs 225 crore from 15 anchor buyers, together with Aditya Birla Sunlife Mutual Fund (MF), Nomura Funds Ireland Public Company, Fidelity International, Sundaram MF and SBI Life Insurance Co.
Anupam Rasayan began operations at Surat in 1984. It has six multi-purpose manufacturing amenities throughout Gujarat, with an put in capability of about 23,396 metric tonnes.
