Ami Organics, Neogen Chemicals file for IPOs

Surat-based Ami Organics, which received a SEBI nod for an initial public offering (IPO) in October, is readying to launch its IPO in the first half of next month. The company, according to the draft red herring prospectus (DRHP), will sell 35 lakh shares through the initial stake-sale.

Ami Organics, a manufacturer of pharmaceutical intermediates, will finalise the price band in the first week of December. The company intends to open the IPO in the first half of next month, with listing on the BSE and the NSE. The company is reportedly looking to raise about Rs. 350-crore through the IPO. The proceeds of the IPO will be used to repay borrowings, fund long-term working capital requirements of the company, and general corporate purposes.

Ami Organics has developed over 250 intermediates for active pharmaceutical ingredient (APIs). It also has a joint venture with US-based Onco-Theranostics to develop new photosensitising compounds used to identify and treat cancer through patent and patent applications.

Earlier, Mumbai-based Neogen Chemicals filed a DRHP with SEBI for an IPO, which comprises a fresh issue of up to Rs. 70-crore and an offer-for-sale of up to 2.9 million shares by the promoters. Neogen, a manufacturer of bromine- and lithium-based speciality chemicals, will use the proceeds for repayment of loans, long-term working capital, and for general corporate purposes.