Neogen Chemicals raises $5.7 mn from anchor investors ahead of IPO

▤ Summary

Speciality chemicals maker Neogen Chemicals Ltd has raised Rs 39.70 crore ($5.7 million) from anchor investors ahead of its initial public offering. The company allotted about 1.85 million shares to four domestic mutual funds at the upper end of its price band of Rs 212-215, it said in a stock-exchange filing. The IPO comprises a fresh issue of shares worth Rs 70 crore and a secondary market sale of up to 2.9 million shares by promoters Haridas Thakarshi Kanani and Beena Haridas Kanani, according to the companys draft prospectus. Neogen had filed its draft prospectus with the Securities and Exchange Board of India last November. The company began business operations in 1991 at a factory at Mahape, Navi Mumbai.

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