On its stock market debut, Neogen Chemicals listed with 16.7% gains at Rs. 251 per share as against the issue price of Rs. 215 per share. The stock after the listing gains made an intra-day high of 22.6%.
The company received 41 times oversubscription. The reserved category for qualified institutional buyers was subscribed 30.49 times and non-institutional investors 113.88 times. The retail portion was oversubscribed 16.06 times.
The IPO of Neogen Chemicals included up to Rs 70 crore and an offer-for-sale of up to 29 lakh equity shares.
The promoters' shareholding fell to 70 percent from 95.8 percent after the listing. The rest is now held by the public.
Neogen Chemicals is a bromine and lithium-based derivatives manufacturer.