Ami Or­gan­ics files for ₹350-crore IPO

Neogen Chem­i­cals too sub­mits pa­pers for pub­lic float

The Hindu Business Line - - MARKET WATCH -

Su­rat-head­quar­tered Ami Or­gan­ics, which re­ceived a SEBI nod for an IPO in Oc­to­ber, is ready­ing to launch its ini­tial pub­lic of­fer­ing in the first half of next month. The com­pany, ac­cord­ing to the draft red her­ring prospec­tus (DRHP), will sell 35 lakh shares through the ini­tial stake-sale.

Ami Or­gan­ics, a man­u­fac­turer of phar­ma­ceu­ti­cal in­ter­me­di­ates, will fi­nalise the price band in the first week of De­cem­ber. The com­pany in­tends to open the IPO in the first half of next month, with list­ing on the BSE and the NSE.

The com­pany, ac­cord­ing to mer­chant bank­ing sources, was look­ing to raise about ₹350 crore through the IPO.

The pro­ceeds of the IPO will be used to re­pay bor­row­ings, fund long-term work­ing cap­i­tal re­quire­ments of the com­pany, and gen­eral cor­po­rate pur­poses.

Ami Or­gan­ics has de­vel­oped over 250 in­ter­me­di­ates for ac­tive phar­ma­ceu­ti­cal in­gre­di­ent (APIs). It also has a joint ven­ture with USbased Onco-Ther­a­nos­tics to de­velop new pho­to­sen­si­tis­ing com­pounds used to iden­tify and treat cancer through patent and patent ap­pli­ca­tions. Ear­lier this week, Mum­bai-based Neogen Chem­i­cals filed a DRHP with SEBI for an IPO, which com­prises a fresh is­sue of up to ₹70 crore and an of­fer-for-sale of up to 2.9 mil­lion shares by the pro­mot­ers.

Neogen, a man­u­fac­turer of bromine- and lithium-based spe­cialty chem­i­cals, will use the pro­ceeds for re­pay­ment of loans, long-term work­ing cap­i­tal, and for gen­eral cor­po­rate pur­poses.

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