Advanced Enzyme Technologies Raises Rs 123 Crore From Anchor Investors

New Delhi: A day ahead of its initial public offer, Advanced Enzyme Technologies on Tuesday mopped up nearly Rs 123 crore from as many as 15 anchor investors.

Little over 13.71 lakh shares were allotted to the anchor investors at Rs 896 apiece, the upper end of the price band for the Rs 411-crore IPO.

DB International (Asia) Ltd, Kuwait Investment Authority Fund, DSP Blackrock Equity Fund, SBI Life Insurance Company Ltd, L&T Mutual Fund Trustee Ltd and Tata AIA Life Insurance Co Ltd were among the anchor investors.

Advanced Enzyme Technologies is the largest domestic enzyme company, engaged in research, development, manufacturing and marketing of over 400 proprietary products developed from 60 indigenous enzymes.

In a communication to the stock exchanges, the company said it has raised Rs 122.85 crore from anchor investors. 

The allocation of 13.71 lakh shares to anchor investors was finalised at the meeting of the company's IPO committee on Tuesday.

The price band has been fixed at Rs 880 to Rs 896 per share for the IPO which opens on July 20 and closes on July 22. 

The IPO comprises fresh issue of equity shares worth Rs 50 crore and an offer for sale (OFS) for up to 4,034,470 scrips by promoter group shareholders, along with Kotak Employees Investment Trust, Kotak India Venture Fund I and Kotak India Venture (Offshore) Fund.

Advanced Enzyme Technologies is expected to mop up around Rs 411.5 crore at the upper end of the price band. 

ICICI Securities and Axis Capital are the lead managers to the issue.