Thane, September 21: Specialty chemical manufacturer, Neogen Chemicals Limited has successfully completed its maiden Qualified Institutional Placement (QIP), the company said in a regulatory filing. The issue, which raised ₹600 crore, attracted leading institutional investors, including SBI Life Insurance, Axis Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund and the Abu Dhabi Investment Authority.
The issue was oversubscribed 6.5x, with the company allotting 26.6 lakh shares of ₹10 each with a floor price of ₹2,189.73 per share. Neogen has raised this capital to settle its debts, and fund working capital and incremental growth opportunities.
“We are deeply honoured and grateful for the strong trust and confidence bestowed upon us by premier domestic and global institutional investors. This successful capital raise has enabled us to raise more equity in a single transaction than across all seven years since our listing. It is a testament to the market’s faith in our strategy. Investors have reaffirmed their confidence in our execution capabilities across both our core specialty chemicals and emerging battery materials ventures.
With major capital investments in our advanced battery materials now maturing, we are transitioning seamlessly from capital deployment to operational execution. Strengthening our balance sheet sharpens our capital allocation efficiency, enhances financial flexibility, and positions us directly at the forefront of India’s self-reliance in energy storage and advanced battery materials ecosystem. We remain firmly committed to ramping up operations and delivering sustained long-term value for all stakeholders.” Dr. Harin Kanani, Managing Director of Neogen Chemicals Limited, said.
