Neogen Chemicals IPO subscribed 1.39 times

The initial public offer of Neogen Chemicals has been subscribed 1.39 times so far on the second day of bidding. The Rs 132-crore initial public offer (IPO) received bids for 60,21,405 shares against the total issue size of 43,29,038 shares, as per data available on NSE data till 1530 hours Thursday.

Till Wednesday, the offer was subscribed 27 per cent. The IPO comprises a fresh issue of up to Rs 70 crore and offers for sale of up to 29,00,000 equity shares, including anchor portion of 18,46,715 equity shares.

The price range for the offer, which is scheduled to close on Friday, has been fixed at Rs 212-215 per share. Inga Advisors Private Limited and Batlivala & Karani Securities India Private Limited are the books running lead managers to the offer.

Equity shares of the company are proposed to be listed on BSE and NSE. Neogen Chemicals is a manufacturer of bromine-based and lithium-based speciality chemicals.