Astec Lifesciences lists at Rs 85.55 on BSE

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Astec Lifesciences has listed at Rs 83, a premium of Rs 1 as against issue price of Rs 82 per share on the NSE. It surged 6.6% to Rs 88.60 in early trade. It has seen total traded quantity of 25,42,256 shares and saw turnover of Rs 22.44 crore. It has seen a high of Rs 90.70 and low of Rs 83.

On the BSE, the share was trading at Rs 88.60, at 10:04 hours IST. It has opened at Rs 85.55, and touched an intraday high of Rs 90.70 and low of Rs 80.

The company had come out with a public issue of 75,00,000 equity shares of Rs 10 each for cash at a price of Rs 77-82 per equity share. It has raised Rs 61.50 crore from the issue, which was subscribed just 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.

It carries out manufacturing activities at two locations in Maharashtra, India comprising of three units viz. one unit at Dombivli, Maharashtra and two units at Mahad, Maharashtra.

The money raised via issue will be used for expansion of existing manufacturing facilities at Mahad, Maharashtra (at cost of Rs 31.24 crore); expansion of existing research and development facility at Dombivli, Maharashtra (at Rs 2.46 crore); meeting registration expenses (at Rs 3.69 crore) and meeting long-term working capital requirements (at Rs 11 crore).