Advanced Enzyme Technologies completed an initial public offering of 4.59 million equity shares at ₹10 each for cash at a price of ₹896 per share generating ₹4.1 billion (US$61.6 million). The offering comprised a fresh issue of 560,405 equity shares worth ₹502 million and an offer for sale of 4.03 million shares by certain existing shareholders of the company, worth ₹3.61 billion. The offer was 115 times oversubscribed.
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Advanced Enzyme Technologies – India’s largest enzyme company – is engaged in the research and development, manufacturing and marketing of over 400 proprietary products developed from 60 indigenous enzymes. The company has two divisions – healthcare and nutrition (human and animal) and bio-processing (food and non-food).
Kanga & Co advised the company on the offer. The team was led by partner Chetan Thakkar with assistance from associates Tejal Patankar and Pooja Sharma.
Khaitan & Co advised Kotak India Venture (Offshore) Fund, Kotak India Venture Fund I and Kotak Employees Investment Trust on the sale of their shares. The team comprised executive director Sudhir Bassi, partner Abhimanyu Bhattacharya, principal associate Subhayu Sen and associate Oishik Bagchi.
J Sagar Associates advised the bookrunning lead managers.
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