Thursday, November 26, 2009

Astec Lifesciences IPO - Listing details

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Astec Lifesciences IPO got listed today and ended the day almost flat - close to its subscription price. It closed at Rs. 83.90 on BSE, a premium of 2.3% over its issue price of Rs. 82. The share had touched at intraday high of Rs. 90.7 and an intraday low of Rs. 80 on BSE.

On NSE, Astec ended at Rs. 83.85, up 2.26%, after seeing an intraday high of Rs. 90.7 and a low of Rs. 83. It had opened on Rs. 83 on NSE and Rs. 85.55 on BSE.

The company had come out with a public issue of 75,00,000 shares at a price of Rs. 77-82 per share. The issue was subscribed 1.56 times.

The company is engaged in the manufacture and sale of intermediates, active ingredients and formulations in the off patent-proprietary category with a focus on agrochemical and pharmaceutical sector.

The money raised via the IPO will be used for expansion of existing manufacturing facilites at Mahad, Maharashtra; expansion of existing research and development facility at Dombivli, Maharashtra; meeting registration expenses and meeting long term working capital requirements.

The allotment details can be checked on my previous blog post here.
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