The initial public offering (IPO) of specialty chemical maker Anupam Rasayan India has been subscribed 1.29 times on March 12 (Friday) the first day of the bidding process. The issue has received bids for 1.25 crore equity shares against the offer size of 97.01 lakh shares, as per data available on exchanges.The portion reserved for retail investors was subscribed 2.58 times, while that of non-institutional investors witnessed 9 percent subscription. Qualified institutional buyers were yet to put in their bids.The employee portion has seen a subscription of 30 percent so far. The company has reserved 2.2 lakh equity shares for its employees who will get a discount of Rs 55 per share.The offer size has been reduced to 97.01 lakh shares after the company raised Rs 225 crore from anchor investors on March 10. The issue will close on March 16.The IPO comprises a complete fresh issue of 1.37 crore equity shares by the company. This would result in the promoter's stake reducing from 75.8 percent pre-IPO to 65.4 percent post-IPO.Read here: Anupam Rasayan IPO opens for subscription: Here are the key factsThe company proposes to utilise the issue proceeds mainly for repayment of debt worth Rs 556.20 crore. As of September, the company had a total debt of Rs 861.58 crore.Anupam Rasayan commenced operations in 1984 with conventional products and now it makes specialty chemicals that involve multi-step synthesis and complex chemistries. It has six multi-purpose manufacturing facilities based in Gujarat with a combined aggregate installed capacity of around 23,396 metric tonnes.Read here: Anupam Rasayan IPO opens today: Should you subscribe?Most brokerages have assigned a subscribe rating to the issue citing the company's sustained strong financial performance and diversified and customised product portfolio.Motilal Oswal recommends subscribing to the issue given the company's presence in the high growth CSM market, wide product portfolio, strong client relationship, and high entry barriers.The brokerage expects the company to witness strong growth for the next two-three years given its recent completion of major capex and strong sectoral tailwinds."The issue is valued at 3.5x FY21 P/BV and 7.7x FY21 EV/Sales on an annualized and post-issue basis. Though the valuation appears little on a higher side both on the absolute and relative basis, the current scenario market prefers emerging growth stories. Hence we recommend Subscribe," Motilal Oswal said.