Advanced Enzyme Technologies is listed at Rs 1210 per share, up 35 percent from issue price of Rs 896 per share. Price band of the issue, which raised over Rs.411 crore through its initial public offering IPO, was subscribed 116 times at a price band of Rs 880-896 per share. Its quota reserved for qualified institutional buyers (QIBs) was oversubscribed 94.03 times and that of non institutional investors’ 393.10 times. Retail investors category was oversubscribed 11.6 times. The IPO comprised fresh issue of equity shares worth Rs 50 crore and an offer for sale (OFS) for up to 4,034,470 scrips by promoter
group shareholders, along with Kotak Employees Investment Trust, Kotak India Venture Fund I and Kotak
India Venture (Offshore) Fund. On consolidated basis revenue from operations grew by 31 percent to Rs 294 crore in FY16 over previous year. Advanced Enzyme Technologies net profit grew 56 percent at Rs 79 crore with margins at 27 percent in FY16. EBITDA growth was 52 percent at Rs 138 crore on YoY basis and margins at 47 percent. It has posted CAGR of more than 20 percent in its operating profit & profit after tax from FY12 to FY16 while on margin front it is successfully able to post more than 40 percent margin on operating level while it is more than 20 percent margin on net profit level for FY16. The company manufactures enzymes using all four natural origins plant, animal, bacterial and fungal. It operates through two business verticals healthcare and nutrition (88 percent of sales; human and animal nutrition) and bio-processing (12 percent of sales; food processing and non-food processing). It offers products to its global clientele of over 700 customers spanning across 50 countries. The company has a portfolio of 400 proprietary products developed from 60 indigenous enzymes. Globally, it ranks among the top 15 companies in sales rankings. In the domestic market, it is second only to global leader Novozymes. Competitorsinclude players like Biocon, Novozymes (Denmark), DSM Nutritional Products,DuPont Danisco, Amano Enzymes (Japan), AB Enzymes (UK) and BASF.
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