Advanced Enzyme IPO to open on July 20

Our Bureau | | Updated on: Jan 17, 2018

Mumbai-based enzyme production company Advanced Enzyme Technologies’ debut public share sale will be open on July 20 and close on July 22. The company is selling shares of face value ₹10 each in a price band of ₹880-896 apiece, totalling over ₹355-411 crore at the respective ends of the band.

Bids have to be made in blocks of 16 shares. ICICI Securities and Axis Capital are the merchant bankers to the issue. Kotak private equity funds own close to 5 per cent of the company and will be partly exiting through this IPO.

Advanced Enzyme is the largest home-grown enzyme company engaged in research and development, as well as manufacturing and marketing of over 400 proprietary products developed from 60 indigenous enzymes. It operates in the healthcare, nutrition and bio-processing verticals. It has presence in 50 countries.

To repay arm’s debt

For the public offer, the company is raising ₹50 crore as fresh issue, most of which will be used to repay loans taken by its US subsidiary Advanced Enzymes USA. Apart from this, the promoter group, Kotak’s PE funds and other shareholders are placing over 40 lakh shares on the block as an offer-for-sale.

Published on July 13, 2016
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