The initial public offering (IPO) of Gujarat-based Aristo Bio-tech and Lifescience Ltd. opens for subscription today, January 16, for retail investors.
The SME (small and medium enterprise) IPO will close for subscription on January 19. The shares are subsequently expected to be listed on January 27 on the NSE Emerge Platform.
Aristo Bio-tech is issuing around 1.8 million shares of the company with a face value of Rs 10 each at a price of Rs 72 in the IPO. Investors can bid for a minimum of 1,600 shares, or in its multiples thereafter.
The SME IPO will see 50 percent of the portion reserved for high net-worth individuals (HNIs) and the remaining 50 percent for retail investors.
The company will fetch around Rs 13.05 crore in case of a full subscription. Of the total IPO proceeds, Rs 9.35 crore will be used to fulfill the company’s working capital requirements, Rs 2.5 crore will be used for general corporate purposes, and Rs 1.20 crore will be used to cover issue charges.
Aristo Bio-tech has hired Beeline Capital Advisors Pvt. Ltd., a merchant banking company in Gujarat, as the issue’s lead manager. Link Intime Financial Services Pvt. Ltd. is the issue’s registrar.
Aristo Bio-tech is a dedicated crop protection company providing manufacturing, formulation, supply, and packaging job work services for various pesticides, insecticides, herbicides, fungicides, plant growth regulators, and a wide variety of other agrochemicals in India as well as for exports.
Besides manufacturing, the company also provides contract manufacturing, job work, and toll manufacturing services and products for reputed Indian and multinational crop protection companies like Jubilant Agri and Consumer Products Ltd., National Fertilizers Ltd., and Sinochem India Company Pvt. Ltd. - Syngenta India Ltd., among others.
