The new plant will produce enzymes using solid state fermentation and also formulate enzymes imported from Novozymes' production sites outside India.
The issue was priced at Rs 880-896 per share, which raised over Rs 411 crore through its initial public offering. Retail investors category was oversubscribed 11.6 times.
Most analysts seem to be impressed with the IPO and recommend subscribing it. The proceeds of the fresh issue will be used towards repayment/pre-payment of certain loans availed by Advanced Enzymes USA and general corporate purposes.
India can use the biochemical catalysts a lot more than it currently does. One Danish enzyme maker is willing to wait