Anupam Rasayan IPO Subscribed 45.21 Times On Final Day
Investor interest continued to remain high on the third and final day of Anupam Rasayan’s initial public offering, deriving optimism from the success of recent share sales at a time Indian equities are scaling new peaks.
The specialty chemicals maker’s issue was subscribed 45.21 times as of 5 p.m. on March 16 led by non-institutional investors who bid for 97.78 times the shares on offer, according to exchange data.
The Rs 760-crore issue, in which shares were sold at Rs 553-555 apiece, has become the fifth-most subscribed IPO so far in 2021, beating RailTel Corporation’s final day subscription of 42.39 times.
The company received bids for over 61.93 crore shares compared to the 1.37 crore shares that were on offer—amounting to about 16% of its paid-up equity.
- Institutional investors: 65.99 times.
- Non-institutional investors: 97.78 times.
- Retail investors: 10.81 times
Proceeds from the issue will be primarily used to retire Rs 563.70 crore in debt, including accrued interest. As on Jan. 31, 2021, Anupam Rasayan had total debt worth Rs 843.5 crore.
Axis Capital, Ambit, IIFL Securities, JM Financial were the book running lead managers to the issue.