Ami Organics files for ₹350-crore IPO
Neogen Chemicals too submits papers for public float
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.