Overview
- The ₹895 crore book-built offer is priced at ₹563–₹593 per share, opens November 21 and closes November 25, with allotment expected November 26 and listing slated for November 28 on the BSE and NSE.
- Ahead of the launch, the company placed 45,27,823 shares with anchors at ₹593 to raise ₹268.5 crore, drawing participation from major domestic mutual funds and insurers.
- Coverage during day one ranged from 0.03x in early trade to reports of full subscription later in the session, led by retail and high-net-worth bidders, while institutional demand was reported as limited early on.
- Grey market premiums around ₹115–₹130 pointed to an indicative listing range near ₹700–₹723, though trackers note these unofficial signals can shift quickly.
- Of the proceeds, ₹75.81 crore from the fresh issue is earmarked for machinery at the Nandesari facility, and the Vadodara-based maker of excipients and specialty minerals cites a global client base of over 1,100 customers.