Neogen Chemicals share price came under pressure in Friday's trading session, September 11, after the specialty chemicals company finalised the floor price for its proposed Qualified Institutions Placement (QIP). The stock slipped nearly 5% during intraday trading, even as it has delivered strong returns across several timeframes.
Neogen Chemicals stock declined as much as 4.6% to ₹2,275.95 per share on the BSE. The fall came a day after the company announced that its fund-raising committee had determined the floor price for the QIP at ₹2,189.73 per equity share.
The company has fixed September 10, 2026, as the ‘Relevant Date’ for determining the QIP pricing. According to the company, the floor price has been arrived at using the pricing formula prescribed under Regulation 176(1) of the SEBI ICDR Regulations.
Neogen Chemicals may also offer a discount of not more than 5% on the floor price, adding another element for investors to consider as the fundraising process progresses.
The QIP follows approvals obtained from both the company's board and shareholders. Neogen Chemicals' board approved the fundraise on July 24, while shareholders subsequently gave their approval through a special resolution passed on August 21.