The Neogen Chemicals – a specialty chemicals maker has finally received capital markets regulator the Securities and Exchange Board of India’s green signal to launch an initial public offer (IPO).

Neogen Chemicals had filed its draft papers with the Securities and Exchange Board of India in November last year and obtained the “observations” on 8th February as per the latest update available. The Sebi’s observation is necessary for any firm planning to float public issues.

As per the draft papers, the initial share sale comprises a fresh issuance of shares up to INR 70 crore & offer for sale up to INR 29 lac by the promoters of a company. The proceeds will be utilized towards repayment of certain borrowings, long-term working capital & general corporate purposes.

Inga Advisors & Batlivala and Karani Securities will be the lead managers of the company’s initial public offer (IPO).

Neogen Chemicals is a foremost manufacturer of lithium-based and bromine-based specialty chemicals.