Anupam Rasayan IPO Oversubscribed On First Day Of The Issue

Anupam Rasayan India Restricted share sale through preliminary public providing (IPO) was oversubscribed on the primary day of the problem. The IPO was subscribed 1.29 occasions by the top of the primary day of the problem, information from the Nationwide Inventory Change confirmed. Anupam Rasayan shares obtained over 1.25 crore bids for 97 lakh shares on the provide, based on information on the NSE. Atotal of 94 lakh bids had been obtained on the cut-off worth. Retail portion was subscribed 1.02 occasions, non-institutional portion was subscribed 0.02 occasions whereas the portion for certified instututional consumers was not subscribed on the day one of the IPO.

Anupam Rasayan plans to lift Rs 760 crore by promoting shares within the worth band of Rs 553-555 per share.

The IPO will probably be a recent problem of fairness shares. Traders can place bids for at least 27 fairness shares and in multiples of 27 fairness shares, extending as much as 13 tons. A complete of fifty per cent will probably be reserved for QIBs, 15 per cent for non-institutional buyers, and 35 per cent for retail buyers. Some portion may even be reserved for the corporate staff.

Anupam Rasayan will utilise the IPO proceeds to repay debt and for normal company functions.

On March 10, Anupam Rasayan raised Rs 225 crore from 15 anchor buyers, together with Aditya Birla Sunlife Mutual Fund (MF), Nomura Funds Eire Public Firm, Constancy Worldwide, Sundaram MF and SBI Life Insurance coverage Co.

Anupam Rasayan began operations at Surat in 1984. It has six multi-purpose manufacturing amenities throughout Gujarat, with an put in capability of about 23,396 metric tonnes.