The initial public offer (IPO) of Neogen Chemicals has been subscribed by 1.39 times so far on the second day of bidding. The Rs 132-crore IPO opened on 24 April and will close on Friday.

It received bids for 60,21,405 shares against the total issue size of 43,29,038 shares, as per data available on NSE data till 3:30 pm on Thursday. On Wednesday, the offer was subscribed by 27 percent.

The Neogen Chemicals IPO comprises a fresh issue of up to Rs 70 crore and an offer of sale (OFS) of up to 16,99,600 and 12,00,400 equity shares by promoters Haridas Thakarshi Kanani and Beena Haridas Kanani respectively.

The issue price band was fixed at a range of Rs 212-215 a share. The minimum lot size for bids was 65 equity shares and in multiples of 65 equity shares thereafter.

The promoter group currently holds 95.79 percent stake in the company and their share post-IPO will fall to 70 percent.

Inga Advisors Private Limited and Batlivala & Karani Securities India Private Limited are the book running lead managers to the offer. Equity shares of the company are proposed to be listed on BSE and NSE.

Neogen Chemicals is a 27-year-old manufacturer of bromine-based, and lithium-based, specialty chemicals. Its client base include pharmaceutical, agrochemical and other specialty chemical companies in India, Europe and Japan.