India: Anupam Rasayan Secures $30m From Anchor Investors Ahead Of IPO

A total of 4.05 million shares have been allocated to 15 anchor investors at ₹555 per share, which is the upper end of the price band. At this price, the company mopped up ₹224.70 crore, according to a circular uploaded on the BSE website.

The Anchor book saw participation from multiple pools of capital including Foreign Portfolio Investors, Domestic Mutual Funds, Insurance Companies and AIFs. Also, the book saw participation from investors across the globe including India, Asia, UK and US.

The company has fixed a price band of ₹553-555 per share for its ₹760-crore initial share-sale comprises of a complete fresh issuance of equity shares, to open for public subscription on March 12 and conclude on March 16.

The share sale includes a reservation of up to 220,000 shares for subscription by eligible employees. 50% of the net issue is reserved for qualified institutional investors, a minimum of 35% for retail investors and 15% for high net worth individuals.

The proceeds from the issue will be used to pay off ₹556.20 crore in debt.As of 30 September, the company had a total debt of ₹814.48 crore.

Anupam Rasayan creates specialty chemicals catering to sectors like agrochemical, personal care and pharmaceutical sectors, which in FY20 accounted for 95.37% of its revenues and “other specialty chemicals” and polymer additives contributed the balance.

The company’s issue is being managed by Axis Capital, Ambit Private, IIFL Securities and JM Financial are the book running lead managers.

This article was first published on livemint.com.