Neogen Chemicals files initial public offering papers with Sebi

The initial share sale comprises fresh issuance of shares aggregating up to Rs 70 crore and an offer for sale of up to Rs 29 lakh by the company's promoters, according to the draft red herring prospectus (DRHP) filed with Sebi.

Neogen Chemicals has filed draft papers with capital markets regulator Sebi to float an initial public offering.

The initial share sale comprises fresh issuance of shares aggregating up to Rs 70 crore and an offer for sale of up to Rs 29 lakh by the company's promoters, according to the draft red herring prospectus (DRHP) filed with Sebi.

Neogen Chemicals is a leading manufacturer of bromine-based and lithium-based speciality chemicals.

Proceeds of the issue will be utilised towards repayment of certain borrowings availed by the company, long-term working capital, and for general corporate purposes.

"Our company expects to receive the benefits of the listing of equity shares on stock exchanges, including among other things, enhancing the visibility of our brand and company," as per the draft papers.

Inga Advisors and Batlivala & Karani Securities India will manage the company's initial public offer (IPO).

The equity shares are proposed to be listed on BSE and NSE.