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Neogen Chemicals has successfully completed its first-ever Qualified Institutions Placement (QIP) of equity shares. The issue was oversubscribed by more than 6.5x and raised approximately Rs 600 crore.
The QIP attracted strong participation from a diverse mix of renowned domestic and global institutional investors, including leading mutual funds, AIF, NBFC, insurance companies, and foreign portfolio investors, such as, ICICI Prudential Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund, SBI Life Insurance, White Oak Capital Mutual Fund, Axis Mutual Fund and Abu Dhabi Investment Authority.
Pursuant to the QIP, the Company allotted 26,60,753 equity shares of face value of Rs 10 each at an issue price of Rs 2,255 per equity share (including a share premium of Rs 2,245 per equity share), which is above the floor price of Rs 2,189.73 per equity share. Consequently, the paid-up equity share capital expanded from Rs 27.38 crore (2,73,81,674 equity shares of Rs 10 each) to approximately Rs 30.04 crore (3,00,42,427 equity shares of Rs 10 each).
With this allotment, the paid up equity share capital has increased to Rs 30,04,24,270 consisting of 3,00,42,427 equity shares of Rs 10 each.
The fund-raising committee of the board of directors approved the allotment of equity shares under the QIP at its meeting held on 16 September 2026.
The QIP saw participation from from marquee investors such as ICICI Prudential Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund, SBI Life Insurance Company, Whiteoak Capital Mutual Fund, Axis Mutual Fund and Abu Dhabi Investment Authority.
Pursuant to the QIP, the company allotted 26,60,753 equity shares of face value Rs 10 each at an issue price of Rs 2,255 per equity share (including a premium of Rs 2,245 per equity share).
The company would use the net proceeds from the issue for repayment/ pre-payment, in full or part, of certain borrowings availed by our company; funding our long-term working capital requirements; and general corporate purposes.
Neogen Chemicals is India’s one of the leading manufacturers of Bromine-based and Lithium-based specialty chemicals. Its product offerings comprise organic as well as inorganic chemicals.
The company had recorded 66.76% increase in consolidated net profit to Rs 17.11 crore on a 34.04% rise in revenue to Rs 250.29 crore in Q1 FY27 as compared with Q1 FY27.
The committee fixed 10 September 2026 as the relevant date for the issue and approved a floor price of Rs 2,189.73 per equity share, determined in accordance with SEBI regulations.
The floor price represents a discount of 8.25% to the previous closing price of Rs 2,386.55 on the BSE. The company may offer a discount of up to 5% on the floor price, subject to applicable regulations.
The QIP has been launched pursuant to the board approval dated 24 July 2026 and the special resolution passed by shareholders at the Extraordinary General Meeting held on 21 August 2026.
The issue comprises equity shares of face value Rs 10 each. The final issue size and pricing will be determined in consultation with the bookrunning lead manager(s).
The scrip fell 2.88% to currently trade at Rs 2317.90 on the BSE.
Rajdarshan Industries Ltd, Neogen Chemicals Ltd, Bang Overseas Ltd and Team India Guaranty Ltd are among the other losers in the BSE's 'B' group today, 17 June 2026.
SEAMEC Ltd crashed 15.49% to Rs 1332.75 at 14:32 IST.The stock was the biggest loser in the BSE's 'B' group.On the BSE, 16122 shares were traded on the counter so far as against the average daily volumes of 10542 shares in the past one month.
Rajdarshan Industries Ltd tumbled 9.93% to Rs 38. The stock was the second biggest loser in 'B' group.On the BSE, 293 shares were traded on the counter so far as against the average daily volumes of 107 shares in the past one month.
Neogen Chemicals Ltd lost 7.68% to Rs 1921.05. The stock was the third biggest loser in 'B' group.On the BSE, 9352 shares were traded on the counter so far as against the average daily volumes of 21233 shares in the past one month.
Bang Overseas Ltd fell 6.98% to Rs 29.3. The stock was the fourth biggest loser in 'B' group.On the BSE, 30656 shares were traded on the counter so far as against the average daily volumes of 3289 shares in the past one month.
Team India Guaranty Ltd slipped 6.55% to Rs 235.4. The stock was the fifth biggest loser in 'B' group.On the BSE, 1053 shares were traded on the counter so far as against the average daily volumes of 1043 shares in the past one month.