Neptune Petrochemicals, manufacturer and trader of bitumen products and emulsions, will open its Rs 73.2 crore initial public offering for subscription on May 28 with price band of Rs 115-122 per share.
The book-building issue, which consists of solely fresh issue of 60 lakh shares, will close on May 30.
The SME company will finalise the IPO share allotment by June 2, and investors can start trading in Neptune Petrochemicals shares on the NSE Emerge effective June 4.
Half of the public issue size is reserved for qualified institutional buyers, and 35 percent shares are set aside for retail investors and 15 percent for non-institutional investors.
Neptune Petrochemicals will spend Rs 5.15 crore out of IPO proceeds for installation of additional plant and machinery and related infrastructure, and Rs 14.7 crore for purchase of office space. Further, Rs 42 crore will be utilised for working capital requirement, and the remainder for general corporate expenses.
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With three manufacturing units (Gujarat, Haryana, and Assam), the company makes and trades in bitumen products, bitumen emulsions and allied products, catering to several industries such as construction, infrastructure and industrial applications.
The book running lead manager handling the Neptune Petrochemicals IPO is Beeline Capital Advisors.
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