Advanced Enzyme IPO sees huge demand; oversubscribed 116 times

The Rs 411.5-crore initial public offer of Advanced Enzyme Technologies saw massive demand, with the offer getting subscribed a staggering 116 times on the last of bidding today, emerging as the second-most oversubscribed IPO in the last nine years.
The IPO received bids for 37,48,79,216 shares against the total issue size of 32,34,059 shares, reflecting an oversubscription of 115.92 times, data available with the NSE till 1900 hrs showed.
The quota reserved for qualified institutional buyers (QIBs) was oversubscribed 94 times and that of non institutional investors' 393.10 times, sources said.
Retail investors category was oversubscribed 11.3 times.
The offer has generated demand worth over Rs 33,400 crore, excluding the anchor portion of Rs 123 crore that was already allocated to investors.

Advanced Enzyme Tech has mopped up nearly Rs 123 crore from as many as 15 anchor investors.

Price band has been fixed at Rs 880-896 per share for the IPO, which closes today.
The company is the largest domestic enzyme company engaged in research, development, manufacturing and marketing of over 400 proprietary products developed from 60 indigenous enzymes.
The IPO comprised fresh issue of shares worth Rs 50 crore and an offer for sale (OFS) for up to 4,034,470 scrips by promoter group shareholders, along with Kotak Employees Investment Trust, Kotak India Venture Fund I and Kotak India Venture (Offshore) Fund.

ICICI Securities and Axis Capital are the lead managers to the issue.
Earlier, staffing firm Quess Corp' IPO was oversubscribed by a staggering 145 times, while that of diagnostics company Thyrocare Technologies was oversubscribed 73.46 times and TeamLease Services' offer 66 times.