Neogen Chemicals has submitted draft papers with the capital markets regulator the Securities and Exchange Board of India to launch an initial public offering (IPO).

This public offer comprises a fresh issue of shares around INR 70 crore & offer for sale up to 29 lacs shares by the promoters of a company as per the draft papers submitted to Sebi. The proceeds will be utilized for the repayment of certain borrowings, long-term working capital & general corporate purposes. The company expects to get the benefits and enhance the visibility of a brand as per the draft papers.

The lead managers of this initial public offering are Inga Advisors & Batlivala and Karani Securities India. The equity shares would be listed on NSE and BSE.

About Neogen Chemicals:

Neogen Chemicals is a prominent manufacturer of lithium and bromine-based specialty chemicals and has been in this industry for more than 27 years. The founder of the company is Mr. H T Kanani – a chemical engineer from IIT Mumbai and also well-known as “Bromine Man of India”.

Image Credit: Neogen Chemicals