Anupam Rasayan India Limited share sale via initial public offering (IPO) was oversubscribed on the first day of the issue. The IPO was subscribed 1.29 times by the end of the first day of the issue, data from the National Stock Exchange showed. Anupam Rasayan shares received over 1.25 crore bids for 97 lakh shares on the offer, according to data on the NSE. Atotal of 94 lakh bids were received at the cut-off price. Retail portion was subscribed 1.02 times, non-institutional portion was subscribed 0.02 times while the portion for qualified instututional buyers was not subscribed on the day 1 of th IPO.
Anupam Rasayan plans to raise Rs 760 crore by selling shares in the price band of Rs 553-555 per share.
The IPO will be a fresh issue of equity shares. Investors can place bids for a minimum of 27 equity shares and in multiples of 27 equity shares, extending up to 13 lots. A total of 50 per cent will be reserved for QIBs, 15 per cent for non-institutional investors and 35 per cent for retail investors. Some portion will also be reserved for the company employees.
Anupam Rasayan will utilise the IPO proceeds to repay debt and for general corporate purposes.
On March 10, Anupam Rasayan raised Rs 225 crore from 15 anchor investors, including Aditya Birla Sunlife Mutual Fund (MF), Nomura Funds Ireland Public Company, Fidelity International, Sundaram MF and SBI Life Insurance Co.
Anupam Rasayan started operations at Surat in 1984. It has six multi-purpose manufacturing facilities across Gujarat, with an installed capacity of about 23,396 metric tonnes.