Neogen Chemicals IPO subscribed 2 times on Day 2 of bidding

The initial public offer of Neogen Chemicals was subscribed two times on the second day of bidding on Thursday. The Rs 132-crore initial public offer (IPO) received bids for 90,47,805 shares against the total issue size of 43,29,038 shares, as per NSE data. The portion for qualified institutional buyers (QIBs) was subscribed 95 per cent, non-institutional investors 1.12 times and retail individual investors 3.15 times. The initial public offer comprises fresh issue of up to Rs 70 crore and offer for sale of up to 29,00,000 equity shares, including anchor portion of 18,46,715 equity shares.

Price range for the offer, which is scheduled to close Friday, was fixed at Rs 212-215 per share. Inga Advisors Private Limited and Batlivala & Karani Securities India Private Limited are the book running lead managers to the offer. Equity shares of the company are proposed to be listed on BSE and NSE. Neogen Chemicals is a manufacturers of bromine-based and lithium-based specialty chemicals.