Chemcon Speciality Chemicals share prices more than double on listing1 min read . Updated: 01 Oct 2020, 10:12 AM IST
- Chemcon Speciality Chemicals IPO was subscribed 149 times
- The IPO had closed on September 23
Chemcon Speciality Chemicals shares made a strong debut on BSE and NSE today, with stock prices more than doubling on listing day. Chemcon shares so far has traded in the range of ₹743.80 to ₹610 so far today, as compared to issue price of ₹340. The initial public offer of Chemcon Speciality Chemicals was subscribed a whopping 149 times. The ₹318-crore initial public offer received bids for 97,64,26,440 shares against 65,47,061 shares on offer.
Qualified institutional buyers (QIBs) category was subscribed 113.40 times, non-institutional investors 450.52 times and retail individual investors 40.40 times. Ahead of IPO, Chemcon Speciality Chemicals had raised over ₹95 crore from anchor investors.
The initial public offer comprised a fresh issue aggregating up to ₹165 crore and an offer for sale of up to 45 lakh shares.
Chemcon intends to utilise the net proceeds from the fresh issue to meet the capital expenditure for expansion of its manufacturing facility, fund working capital requirements and general corporate purposes.
Shares of CAMS also got listed today rising over 20% on debut.
Vadodara-based Chemcon Speciality Chemicals Ltd is a manufacturer of specialised chemicals such as HMDS (Hexamethyldisilane) & CMIC (Chloromethyl isopropyl carbonate) which are predominantly used in pharmaceutical industry (pharmaceuticals chemicals) and inorganic bromides, predominantly used as completion fluids in the oilfields industry (Oil well completion chemicals).
The Vadodara-based company has long-standing relationships with its key customers, including Laurus Labs Ltd, Aurobindo Pharma Ltd, and Ind-Swift Laboratories Ltd.
It exports products to global markets covering the US, Germany, Italy, South Korea, Japan, the United Arab Emirates, Serbia, Russia, Spain, Thailand and Malaysia.