Advanced Enzyme Technologies (AETL) has priced its upcoming IPO in the range of INR880-896 per share. The IPO will involve sale of 4,034,470 shares by existing shareholders through an offer for sale (OFS) while the company will also raise INR500 million (INR50 crore) by issuing new shares. In total, the IPO will mobilize around INR41.1 billion (INR411.5 crore) at the upper end of the price band. The offer opens on 20 July and closes on 22 July. An allocation of 35% has been made for retail investors while eligible employees will be offered a discount of INR86 per share.
ICICI Securities Ltd and Axis Capital Ltd are the lead managers to the issue.
Among the selling shareholders are promoter group, Kotak Employees Investment Trust, Kotak India Venture Fund I and Kotak India Venture (Offshore) Fund.
Two verticals, 400 products
Started in 1989, Thane-based Advanced Enzyme is India’s largest enzyme company and has fully integrated operations spanning research, development, manufacturing and marketing of over 400 proprietary products developed from 60 indigenous enzymes. Advanced Enzyme ranks among the top 15 global companies in terms of enzyme sales while holds second position in the Indian market after global leader Novozymes. The company offers its products to the global client base of over 700 customers across 50 countries. Advanced Enzyme operates in two primary business verticals – Healthcare & Nutrition (87.6% of total revenues in FY 2016) and Bio-Processing (12.4% of total revenues in FY2016).
Promoted by Vasant Laxminarayan Rathi and Chandrakant Laxminarayan Rathi, the company has consistently made profits and paid dividends since 1997. For more on its financial performance, head to this page.
We will publish our review of Advanced Enzyme Technologies IPO in the coming days. In the meanwhile, refer to the discussion page on Advanced Enzyme IPO to stay updated with the latest discussion and grey market activity.