Chemcon IPO fully subscribed within 2 hours; retain quota sees 3 times bids


NEW DELHI: The initial public offering (IPO) of Chemcon Speciality Chemicals was subscribed 1.58 times on Monday as of 12.04 pm. Out of 65,59,173 shares on offer, the issue had received applications for 1,03,88,356 shares.

The retail quota saw huge applications and was fully subscribed within 45 minutes of opening for subscription. Out of 32,83,580 shares on offer for retail investors, the issue had received application for 96,45,460 shares, meaning a subscription of 2.94 times.

Quota for non institutional investors or high net-worth investors was subscribed 0.54 times while the QIB quota had received very few applications.

The Vadodara-based company plans to raise Rs 318 crore, out of which it already raised Rs 95.40 crore through allotment of 28.06 lakh shares to anchor investors at Rs 340 per share last week.

The company is offering a fresh issue of equity shares, aggregating up to Rs 165 crore and offer for sale of up to 45,00,000 equity shares, to be sold in the price range of Rs 338-340.

In the grey market, the shares of the company were trading with a premium of Rs 275 per share, that is, 81 per cent more than the price band set for the IPO.

Analysts said that the issue is demanding an inexpensive valuation of 25.5 times FY20 earnings per share and that the company could gain from a shift in demand from China. But high client concentration, criminal proceeding against a promoter and limited portfolio are risks to the company.

Most brokers had ‘subscribe’ ratings on the stock. Angel Broking said the company’s return ratios and margins are better than most of its peers, adding that the company is undervalued compared to its peers and “a lot of value is left in the table”.

“As we are positive on the future outlook for the industry as well as the company, we would recommend to “Subscribe” issue for long term as well as for listing gains,” it said.

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