Chemcon Speciality Chemicals More Than Doubles, Listing At 115% Premium

Chemcon IPO Listing: At 11:00 am, the shares were trading higher by 83.75 per cent on BSE.

Chemcon Speciality Chemicals shares made a strong debut on the benchmark indices today, listing at Rs 731, a 115 per cent premium over its issue price of Rs 340. The Rs 318-crore IPO of Chemcon Speciality Chemicals was subscribed by a staggering 149.05 times; the retail category was subscribed 40.65 times, qualified institutional buyers attracted bids worth 113.54 times and non-institutional investors segment, 449.14 times. At 11:00 am, the shares of Chemcon Speciality Chemicals were trading at Rs 624.05, higher by Rs 284.05 or 83.75 per cent on the BSE, and Rs 622.85, up Rs 282.85 or 83.19 per cent on the NSE.

The public offer of the Vadodara-based specialized chemical products maker was open for bidding between September 21 and September 23. The IPO included fresh issue of equity shares of Rs 165 crore and an offer for sale of up to 45 lakh equity shares.

Link Intime India was the registrar of the IPO, and Intensive Fiscal Services and Ambit Capital were the book running lead managers.

Chemcon Speciality Chemicals’ major customers in the domestic market are Laurus Labs, Aurobindo Pharma and Ind-Swift Laboratories. It also exports overseas to the US, Germany, Italy, South Korea and Japan, among others.

Meanwhile, in the other primary market listing of the day, Computer Age Management Services (CAMS) made a decent debut on Thursday, listing at a premium of 23.41 per cent at Rs 1,518 on the BSE, against its issue price of Rs 1,230.

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