Neogen Chemicals raises Rs 600 cr via QIP issue

Neogen Chemicals has successfully completed its first-ever Qualified Institutions Placement (QIP) of equity shares. The issue was oversubscribed by more than 6.5x and raised approximately Rs 600 crore.

The QIP attracted strong participation from a diverse mix of renowned domestic and global institutional investors, including leading mutual funds, AIF, NBFC, insurance companies, and foreign portfolio investors, such as, ICICI Prudential Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund, SBI Life Insurance, White Oak Capital Mutual Fund, Axis Mutual Fund and Abu Dhabi Investment Authority.

Pursuant to the QIP, the Company allotted 26,60,753 equity shares of face value of Rs 10 each at an issue price of Rs 2,255 per equity share (including a share premium of Rs 2,245 per equity share), which is above the floor price of Rs 2,189.73 per equity share. Consequently, the paid-up equity share capital expanded from Rs 27.38 crore (2,73,81,674 equity shares of Rs 10 each) to approximately Rs 30.04 crore (3,00,42,427 equity shares of Rs 10 each).