 "Ambey Labs plans to raise funds via IPO; to open for subscription on July 4")
Agrochemical manufacturer Ambey Laboratories on Monday said it plans to raise Rs 44.68 crore through its initial public offer, which will open for public subscription on July 4.
The company has fixed the price band for its initial public offering (IPO) at Rs 65-68 per share. The public issue will conclude on July 8, the company said in a statement.
The shares of the company will be listed on NSE SME Emerge.
At the upper end of the price band, the company will fetch up to Rs 44.68 crore from the IPO, it added.
The IPO is a combination of a fresh issue of 62.58 lakh equity shares worth up to Rs 42.55 crore and an offer for sale of up to 3.12 lakh shares aggregating to Rs 2.12 crore by selling shareholder Sarina Gupta.
The net proceeds from the issue will be used by the company to meet the working capital requirements of the business, while the remaining capital will be used for general corporate purposes.
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Investors can bid for a minimum of 2,000 shares and in multiples thereof.
Incorporated in 1985, Ambey Laboratories manufactures agrochemical products for crop protection at its manufacturing facility in Rajasthan.
The company is promoted by Archit Gupta, Arpit Gupta, Sarina Gupta, and Rishita Gupta.
The promoter holding in the company currently stands at 94.97 per cent. Post the fresh issue of shares, the promoter equity holding share will be reduced to 69.08 per cent, the statement said.
Fast Track Finsec is the sole book-running lead manager to the issue, while Link Intime India is the registrar to the issue.
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