Chemcon Speciality Chemicals IPO subscribed over 5 times on first day of bidding

By: |
September 21, 2020 7:43 PM

Chemcon's initial share sale received bids for 3,40,29,600 shares against the issue size of 65,47,061 shares.

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The initial public offer of Chemcon Speciality Chemicals was subscribed 5.20 times on the first day of bidding on Monday.

Chemcon’s initial share sale received bids for 3,40,29,600 shares against the issue size of 65,47,061 shares.

Among the investors category, non institutional investors portion was subscribed 1.24 times and those of retail individual investors 9.86 times.

The initial public offer comprises a fresh issue aggregating up to Rs 165 crore and an offer for sale of up to 45 lakh shares.

Price range for the offer, which would close for bidding on Wednesday, has been placed at Rs 338-340 apiece.

Chemcon Speciality Chemicals Ltd on Friday raised over Rs 95 crore from anchor investors.

At the upper end of the price band, the IPO will fetch Rs 318 crore.

The company intends to utilise the net proceeds from the fresh issue to meet capital expenditure for expansion of its manufacturing facility, fund working capital requirements and general corporate purposes.

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.

Intensive Fiscal Services and Ambit Capital are the managers to the offer.

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