Chemcon Speciality IPO retail portion oversubscribed by 15 times


NEW DELHI: The initial public offer (IPO) of Chemcon Speciality Chemicals got subscribed 6.59 times on the second day of the offer till 11 am. The company’s initial share sale received bids for 4,31,92,952 shares so far against the issue size of 65,59,173 shares.

Among the investors’ category, non-institutional investors portion was subscribed 1.62 times and those of retail individual investors 15 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.

Earlier, Chemcon Speciality Chemicals 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.

Majority of brokerages have given subscribe rating to the issue. Motilal Oswal Financial Services likes the company’s leadership position in niche products, healthy financials and the high entry barriers in the speciality chemicals industry.

“Further, considering the bright prospects for chemicals companies due to shift of supply chain away from China, we believe Chemcon would be well placed to capture this with its planned capex,” it said.

Astha Jain, Research Analyst, Hem Securities, also has a ‘subscribe’ rating on the issue. She believes that the company has shown consistent performance and has a strong financial position.

“Also, the specialty chemicals industry in which company operates has high entry barriers. Therefore, we recommend a ‘subscribe’ rating on the issue both for short and long term horizon,” she said.

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