Advanced Enzyme lists at a premium

Thane based Advanced Enzyme which made a lot a headwind, on August 1, has finally listed at a premium. The shares of the company at 10 a.m., have opened at Rs 1220, 36 per cent higher. 

Company had raised over Rs 411 crore taking the route of Initial Public Offering (IPO). The company’s IPO closed on July 22 after being oversubscribed by 116 times, at a time when optimism probably has been at its peak when it comes to the stock markets and individual investors in India. Advanced Enzymes had floated the IPO, offering its shares at a price band of Rs 880-896. Axis Capital and ICICI Securities were the lead managers of the issue. The research driven company claims to be the pioneer in enzymes production in India and it runs its operations through six subsidiaries including three step down subsidiaries. 

The company has three manufacturing plants in as many locations in Maharashtra and also one in Madhya Pradesh. Advanced Enzymes also runs a manufacturing plant at California in the United States of America, which is a satellite blending, mixing and formulation facility. This facility is operated via Advanced Enzymes USA and caters to the markets in Northern America and also in Latin America.