The shares of speciality chemicals company Anupam Rasayan today made a weak debut on exchanges. Its shares were trading at ₹521 as compared to issue price of ₹555. Anupam Rasayan had fixed a price band of ₹553-555 a share for its ₹760-crore initial share sale, which was open between March 12 and March 16. Its issue was subscribed 44 times.
Ahead of the IPO, the company had raised ₹225 crore from anchor investors, including foreign portfolio investors, domestic mutual funds, insurance companies and alternative investment funds.
Anupam Rasayan IPO is an entirely fresh issuance of equity shares and proceeds of the issue would be mainly used to repay debt and general corporate purpose.
Anupam Rasayan is engaged in the custom synthesis and manufacturing of specialty chemicals business. It commenced business as a partnership firm in 1984 as a manufacturer of conventional products and have, over the years, evolved into custom synthesis and manufacturing of life science-related specialty chemicals and other specialty chemicals, which involve multi-step synthesis and complex technologies.
The company has developed strong and long-term relationships with various multinational corporations, including, Syngenta Asia Pacific Pte. Ltd., Sumitomo Chemical Company Limited and UPL Limited that has helped it expand product offerings and geographic reach across Europe, Japan, United States and India. The government of India has also recognized the Company as a three-star export house.
The company’s revenue from operations increased by 45 per cent to ₹539.22 crore in the nine months ended December 31, 2020, from ₹371.80 crore in the year-ago period.