Neogen Chemicals Ltd has raised ₹600 crore through a qualified institutional placement (QIP), issuing 26.61 lakh equity shares to eligible qualified institutional buyers (QIBs).
The shares were allotted at ₹2,255 each, including a premium of ₹2,245 per share. The issue price was higher than the floor price of ₹2,189.73.
Paid-up capital rises to ₹30 crore
Following the QIP, Neogen Chemicals’ paid-up equity share capital has increased from ₹27 crore to ₹30 crore.
The company’s equity shares will be listed on the BSE and NSE. The QIP opened on September 10 and closed on September 16.
Company strengthens specialty chemicals portfolio
Neogen Chemicals is a manufacturer of specialty chemicals with a presence in bromine-based and lithium-based chemistries.
The company reported a turnover of ₹892 crore in FY25. It caters to industries including pharmaceuticals, agrochemicals, electronics, water treatment, construction, polymers, flavours and fragrances, and energy storage.
Dahej facility construction on track
“The fire incident at our Dahej facility in March 2025 was an unforeseen one. The construction of the new facility is on schedule, and we are committed to building a safer and fully automated plant,” Neogen Chemicals, Managing Director, Harin Kanani, said.
“With the Dahej replacement facility enabling normalisation of operations and MPP-5 reaching full production from H1 FY27, we are confident of achieving strong revenue of ₹875-950 crore in FY27,” he said.
Battery materials expansion planned
Neogen plans to develop specialty lithium salts and electrolyte additives for advanced chemistry cells.
Through Neogen Ionics Ltd, it is also establishing a greenfield battery materials facility at Dahej PCPIR in Gujarat. The facility will be spread across 65 acres.
Facility to serve global OEMs
The proposed facility will have capacity to manufacture 30,000 tonnes of electrolytes and 3,000 tonnes of electrolyte salts and additives.
The facility is expected to cater to Indian and international original equipment manufacturers (OEMs).
Manufacturing capabilities expand
Neogen has developed capabilities across a range of chemistries. These include bromination and Grignard reactions as core chemistries, along with alkylation, acylation, amination, oxidation, dehalogenation, silylation, Halex, Friedel-Crafts, coupling and chlorination.
The company is also engaged in custom synthesis and manufacturing (CSM) for global clients, including companies in Japan and Europe.
Capacity and global reach
Neogen’s organic chemical reactor capacity has increased from 1.30 m³ to 4.63 m³.
Its inorganic chemical capacity has expanded from 2.40 m³ to 39 m³. The company exports to 31 countries, including the US, Europe, Japan and the Middle East.
Five manufacturing facilities
Neogen operates five advanced manufacturing facilities across Maharashtra, Gujarat and Hyderabad.
The company has a total land bank of 192 acres, supporting its expansion across specialty chemicals and battery materials.