The initial public offer (IPO) of agro chemical and pharma company Astec LifeSciences got fully subscribed today, the final day of issue.

The issue received total bids for over 87.61 lakh shares from investors, about 1.17 times more than 75 lakh equities on offer, as per the latest data with the National Stock Exchange (NSE).

Astec LifeSciences Ltd entered in the capital market with 75 lakh equity shares in the price range of Rs 77 and Rs 82 a piece. This issue is being made through a 100 per cent book building process.

The company expects to garner up to Rs 61.50 crore through its IPO, which opened on October 29.

Astec LifeSciences intends to utilise the IPO proceed for funding its expansion plans. The proceeds of the IPO will also be used to register two products in Brazil and six products in India.

Astec LifeSciences is engaged in the manufacturing and sale of intermediates, active ingredients and formulations in the off patent-proprietary category with a focus on agrochemical and pharmaceutical industry.

greyBlog