Advanced Enzyme Tech files IPO papers with Sebi

Advanced Enzyme Technologies has filed draft papers with capital markets regulator Sebi to float an initial public offering. This is the company's second attempt to hit the capital markets. As per the fresh draft red herring prospectus (DRHP) filed with capital markets watchdog, the IPO comprises fresh issue of shares aggregating up to Rs 60 crore and an offer for sale of up to 44,73,470 scrips by the existing shareholders.

Advanced Enzyme is engaged in the research and development, manufacturing and marketing of proprietary enzyme products. Proceeds of the fresh issue will be utilised towards investment in the company's wholly-owned firm Advanced Enzymes USA, repayment of certain loans and for other general corporate purposes. ICICI Securities and Axis Capital are the merchant bankers of the issue.

The equity shares are proposed to be listed on BSE and NSE. Earlier in 2013, the company had approached Sebi to launch its IPO and had also obtained the capital markets watchdog's approval too. However, the company did not go ahead with its plan.