Anupam Rasayan share lists at 6% discount to issue price

Anupam Rasayan share listed at a discount of 6% to its IPO issue price today. The share of the speciality chemical company opened at Rs 520, 6.3% lower against issue price of Rs 555 on NSE. Market cap of the firm stood at Rs 5,208 crore.

On BSE, the share opened at Rs 534.70 against issue price of Rs 555, discount of 3.65%. The share further fell to Rs 501.15.  Market cap of the firm stood at Rs 5,179 crore. At 10:55 am, the stock was trading 6.46% lower at Rs  519.40 on BSE. On NSE, the share fell 6.49% to Rs 519.40. The firm opened its IPO on March 12.

The issue comprised fresh issuance of equity shares and proceeds of the issue would be mainly used to pay the debt.

The Surat-based company fixed a price band of Rs 553-555 for the share sale. The IPO closed on March 16. The allotment of shares was held on March 19, 2021.

Bids could be placed in the IPO in a lot size of 27 shares. A maximum 13 lots comprising 351 shares could be applied for in the share sale at an amount of Rs 1,94,805.

The firm reserved about 2.20 lakh shares for employees. Half of the issue was reserved for qualified institutional buyers, 35 per cent for retail investors and 15 per cent for non-institutional bidders.

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Axis Capital, Ambit Private, IIFL Securities and JM Financial were the merchant bankers to the issue.

On March 11, the firm raised Rs 225 crore from anchor investors.  It Aditya Birla Sunlife Mutual Fund (MF), Nomura Funds Ireland Public Ltd Company, Fidelity International, Sundaram MF, SBI Life Insurance Co, IIFL Special Opportunities Fund, Malabar Select Fund and Max Life Insurance Co were among the 15 anchor investors.

The IPO aggregating up to Rs 760 crore was an entirely fresh issuance of equity shares and proceeds of the issue would be mainly used to pay the debt.