Neogen Chemicals completed a qualified institutional placement, issuing 26.6 lakh equity shares at ₹2,255 each, raising ₹600 crore, per the BSE filing on September 16. The issue price eclipsed the floor price of ₹2,189.73, underscoring investor confidence.
The transaction pushed Neogen’s paid‑up equity capital to ₹30.04 crore from ₹27.38 crore, adding an extra ₹2.66 crore in equity and broadening its capital base.
Abu Dhabi Investment Authority secured a 5.33% stake in the allotment, while ICICI Prudential, Invesco, and Mirae Asset mutual funds each garnered 13.33%, and SBI Life Insurance added 8.33%. These allocations signal strong institutional appetite.
Shares slipped 0.4% to ₹2,302 on the day following the filing, after a 1.4% monthly climb and a 95.8% year‑to‑date surge. The modest dip reflects a short‑term profit‑taking window amid the capital infusion.
With the QIP approved on July 24 and the special resolution cleared on August 21, investors now await the next earnings release, expected in Q3, to determine how the capital raise will translate into earnings momentum.