Neogen Chemicals Ltd.'s shares rose 1.61% in trade on Tuesday, after receiving an overwhelming response to its first-ever qualified institutional placement (QIP).
The Rs 600 crore QIP was oversubscribed by 6.5 times, and 26.6 lakh shares were allotted at an issue price of Rs 2,255, which was above the floor price of Rs 2,189.73 per share.
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The stock pared some gains to come off its intraday high level of Rs 2,364.10, and traded 0.98% higher at Rs 2,383 apiece as of 9:50 a.m.
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Neogen Chemical's First-Ever QIP
Neogen Chemicals raised around Rs 600 crore through its first-ever qualified institutional placement (QIP), with the issue receiving bids for more than 6.5 times the shares on offer.
The QIP saw strong demand from both domestic and global institutional investors, with participation from existing as well as new investors.
The issue was priced at Rs 2,255 per share, above the floor price of Rs 2,189.73 per share.Key investors in the issue included ICICI Prudential Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund, SBI Life Insurance, White Oak Capital Mutual Fund, Axis Mutual Fund and the Abu Dhabi Investment Authority.
The QIP also saw participation from a wider set of institutional investors, including mutual funds, alternative investment funds, non-banking financial companies, insurers and foreign portfolio investors.
Utilisation Of Proceeds
The company plans to use the proceeds from the fundraise for repayment or pre-payment of borrowings and to meet its long-term working capital requirements.
A portion of the funds will also be used for general corporate purposes. The fundraise marks the company's first QIP and provides it with additional capital to support its balance sheet and working capital requirements.
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