Advanced Enzyme Technologies Ltd. today fixed a price band of Rs 880-896 per share for its proposed initial public offering (IPO), that seeks to raise around Rs 412 crore at the upper end of the price band. The offer opens on July 20 and closes on July 22.
Around Rs 362 crore of the issue is offer for sale (OFS) from existing investors, while Rs 50 crore is fresh capital raising. The company is valued at around Rs 1,545 crore at the upped end of the price band.
Axis Capital and ICICI Securities are the lead managers to the issue.
The company aims to use the proceeds from the IPO to pay back debt and for general corporate purposes, managing director CL Rathi told BloombergQuint in an interview.
Of the Rs 50crore that is coming to the company, Rs 40 crore will go as a loanto US company, to repay debt pending for the last fiveyears. Rs 10 crore will be utilised as general corporate purpose in the Indiacompany.CLRathi, Managing Director, Advance Enzyme Technologies
The company operates in two primary business verticals – healthcare, nutrition and bio processing – and is engaged in research and development, manufacturing and marketing of over 400 propriety products, developed from 60 indigenous enzymes.
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