The IPO rush continues with CAMS, Chemcon offers


Mumbai: The IPO of Chemcon Speciality Chemicals and Computer Age Management Services (CAMS) closed on Wednesday with strong response from investors even as the stock market weakness extended for the third straight day. Bids for Chemcon’s issue were 149 times the shares on offer, making it one of the most subscribed IPOs in the past five years. The Rs 2,242-crore IPO of CAMS, a registrar and transfer agent for mutual funds, was subscribed 46.9 times as of 5 PM.

The Rs 318-crore IPO of Chemcon Speciality, a manufacturer of speciality chemicals, witnessed strong appetite across investor categories with QIB portion being subscribed 113.4 times, HNI portion 450.5 times and retail portion 40.4 times. The IPO was offered in the price band of Rs 338-Rs 340 and the company has already raised Rs 95.40 crore through allotment of 28.06 lakh shares to anchor investors at Rs 340 per share last week.

“Clearly there is frenzy in the IPO market supported by liquidity but having said that both businesses are fundamentally sound. CAMS is the number one player in the duopoly market of registrar and transfer agent for mutual funds, while Chemcon has tailwinds in the form of sector re-rating and capacity expansion,” said Geetanjali Kedia, senior research analyst at SPTulsian.com. CAMS does not leave much on the table for investors vis-à-vis Chemcon which looks more promising at the IPO prices, said Kedia.

In the case of CAMS, its QIB portion was subscribed 73.2 times while HNIs bid for 111.8 times the number of shares offered for their category. The retail category was subscribed 5.4 times and shares reserved for employees were subscribed 0.7 times.

Both the stocks are trading at a strong premium in grey market and are set for a listing at a sharp premium, said analysts. While the grey market premium of Chemcon stood at Rs 250-Rs 255 over its IPO price, CAMS’ is at Rs 342-Rs 345.

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