Neogen Chemicals Ltd. debuts with 16.74% premium at Rs 251.00
08/05/2019 21:30
Neogen Chemicals Ltd. makes a strong debut on the bourses with scrip got listed at Rs 251.00 on the Bombay Stock Exchange, a 16.74 per cent premium to its issue price of Rs 215.00. On the National Stock Exchange, the stock was listed at Rs 251.00.

The company, which raised 0.62 Cr from initial public offering, was subscribed 0 times, receiving bids for 0 lakhs shares against the total issue size of 61.56 lakhs shares.

The company, listed under T Group Securities post its IPO, opened for subscription from Apr 24 to Apr 26.

Following a strong opening, the scrip touched an intraday high of Rs 263.55 and a low of Rs 250.10, before closing the session up by 22.58 per cent to its listing price at Rs 263.55 on the BSE.

The company anticipates using the proceeds of the issue for Prepayment or repayment of all or a portion of certain borrowings availed by the Company, Early redemption of % FRCPS, Long term working capital; and, General corporate purposes.

Inga Advisors Private Limited as lead managers & Link Intime India Private Limited is the registrar, to the issue.

Meanwhile, the broader benchmark BSE Sensex closed trade at 37,789.13, down 487.50 points, or 1.27 per cent.