The IPO of Chemcon Speciality Chemicals received a staggering response from the investors. The ₹ 318-crore initial public offer (IPO) was subscribed 149.05 times, with the retail category being subscribed 40.65 times, qualified institutional buyers attracting 113.54 times subscription and non-institutional investors segment, and 449.14 times
The public offer of the Vadodara-based specialized chemical products maker had opened for bidding on September 21 and closed at 5:00 pm today i.e. September 23. The public issue included fresh issue of equity shares amounting to ₹ 165 crore and an offer for sale of up to 45 lakh equity shares. The price band of the IPO has been fixed at ₹ 338-340 per share and the shares are set to be listed on October 1.
Going into the IPO, Chemcon Speciality Chemicals had raised over ₹ 95 crore from 13 anchor investors.
The company plans to utilise the net proceeds from the fresh issue for its capital expenses, expansion of its manufacturing facility and general corporate purposes.
Chemcon Speciality Chemicals’ major domestic customers include Laurus Labs, Aurobindo Pharma and Ind-Swift Laboratories. It also exports to major overseas markets such as the US, Germany, Italy, South Korea and Japan.