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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