Vijaywada-based Chemcel Biotech (CBL), a company engaged in the business of agro-chemicals will list on the Bombay Stock Exchange with its equity shares on October 13, 2008.

The fixed price offering, priced at Rs 16, was subscribed 1.83 times during its issue period.

The IPO received applications for 25.31 million shares, as against the net issue of 13.80 million shares offered to the public and its employees. The number of applications received for the offer was 6,971 amounting to Rs 40.49 crore.  
 
The company plans to use the earnings from the issue to set up a bio-diesel manufacturing unit at Kondapalli near Vijaywada, Andhra Pradesh with a capacity of 20 TPD of three shifts.

In addition, the company will also use the proceeds to meet its working capital requirements due to an increase in its agro-chemical and bio-fertilizer divisions.

The issue was lead managed by AllBank Finance and Co-lead managed by Ashika Capital.