The Rs 760-crore initial public offering (IPO) of specialty chemical maker Anupam Rasayan India has been subscribed 3.64 times on Monday, 15 March , which is the second day of the bidding process. The public offering received bids for 6.60 times issue size in retail followed by 1.39 times issue size in the Non-institutional category and 0.37 times issue size in qualified institutional buyers (QIB).

On 12 March, which was the first day of the bidding process, the issue was subscribed 1.29 times, with 2.58 times subscription in the retail investors’ category, 0.09 percent in the non-institutional investors’ category while no subscription was made in qualified QIB.

Investors need to note that the public issue will close for subscription on Tuesday, 16 March. The company has also raised Rs 225 crore from anchor investors on 10 March which led to the reduction in offer size to 97.01 lakh shares.

For its employees, the company has reserved 2.2 lakh equity shares. It is also offering a discount of Rs 55 per share. The company has said that it will use the issue proceeds for repayment of debt worth Rs 556.20 crore. The company had a total debt of Rs 861.58 crore as of September 2020.

Rs 553-Rs 555 per equity share has been fixed as the price band for the issue. On March 24, 2021, the shares are expected to list on BSE and NSE.

The lead managers of the IPO are Ambit Private Limited, Axis Capital Limited, IIFL Holdings Limited and JM Financial Consultants Private Limited and KFintech Private Limited is the registrar.