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Arunaya Organics, a specialty dyes and intermediates manufacturer, closed its maiden public issue with 2.45 times subscription on May 2. The offer opened on April 29.

The company is raising Rs 33.99 crore via initial public offering of 58.6 lakh shares at the upper price band. The IPO comprised of fresh issue of shares worth Rs 30.51 crore, and an offer-for-sale of Rs 3.48 crore worth shares by promoter.

The price band for the offer was Rs 55-58 per share.

Investors have put in bids for 1.43 crore equity shares via 5,192 applications, the subscription data published on the NSE showed.

The company will finalise the IPO share allotment by May 5. The trading in its equity shares will commence on the NSE Emerge, effective May 7.

Meanwhile, Ahmedabad-based Arunaya Organics intends to spend Rs 11.8 crore out of IPO proceeds for setting up a new manufacturing facility at Dahej, Gujarat, and Rs 9 crore for working capital requirements. The remainder funds will be used for general corporate purposes.

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The company supplies several products including reactive, acid, direct, basic, and solvent dyes, as well as dye intermediates, which are available in multiple forms such as standardised spray-dried and tray-dried powders, granules, crude, reverse osmosis-treated products and salt free. Additionally, it provides specialty performance chemicals tailored for the paper industry and textile dyeing.

With current production facility at Ahmedabad, Gujarat, it has an annual capacity of approximately 30 metric ton per annum.

The merchant banker handling the public issue is Unistone Capital.

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