Neogen raises ₹600 Cr via QIP, oversubscribed 6.5x

Neogen Chemicals Ltd. successfully completed its first-ever Qualified Institutions Placement (QIP), raising approximately ₹600 crore. The issue was significantly oversubscribed by more than 6.5 times, attracting strong participation from diverse domestic and global institutional investors, including leading mutual funds and foreign portfolio investors. The company allotted 2,660,753 equity shares at an issue price of ₹2,255 per share, expanding its paid-up equity share capital. The proceeds will be utilized for repayment/pre-payment of certain borrowings, funding long-term working capital requirements, and general corporate purposes. This capital raise aims to reduce indebtedness, improve the debt-to-equity ratio, and provide financial flexibility for future growth opportunities, particularly in advanced battery materials.