Neogen Chemicals raises about 600 crore via QIP at premium to floor price
NEOGEN · price
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On the reaction day the stock moved 3.2 pts more than Nifty Microcap 250 and 3.0 pts more than its Specialty Chemicals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Neogen Chemicals has allotted 26,60,753 equity shares at Rs 2,255 each through a Qualified Institutional Placement, raising about Rs 600 crore (Rs 5,99,99,98,015). The issue price is higher than the floor price of Rs 2,189.73. Marquee allottees include ICICI Prudential, Invesco, Mirae Asset, SBI Life Insurance, WhiteOak Capital, Axis Mutual Fund and Abu Dhabi Investment Authority. Paid-up equity capital rose from Rs 27.38 crore to Rs 30.04 crore.
About 10% equity dilution, but raise priced at a premium with strong demand from top mutual funds and a sovereign wealth fund, supporting growth plans.