Chemcon Speciality Chemicals Ltd. makes a strong debut on the bourses with scrip got listed at Rs 730.95 on the Bombay Stock Exchange, a 114.98 per cent premium to its issue price of Rs 340.00. On the National Stock Exchange, the stock was listed at Rs 731.00.
The company, which raised 0.94 Cr from initial public offering, was subscribed 102.37 times, receiving bids for 9,574.60 lakhs shares against the total issue size of 93.53 lakhs shares.
The company, listed under B Group Securities post its IPO, opened for subscription from Sep 21 to Sep 23.
Following a strong opening, the scrip touched an intraday high of Rs 743.80 and a low of Rs 584.80, before closing the session up by 72.00 per cent to its listing price at Rs 584.80 on the BSE.
The company anticipates using the proceeds of the issue for Capital expenditure towards expansion of the Manufacturing Facility (“Project), To meet working capital requirements, General corporate purposes.
Ambit Capital Private Limited,Intensive Fiscal Services Private Limited. as lead managers & Link Intime India Private Limited is the registrar, to the issue.
Meanwhile, the broader benchmark BSE Sensex closed trade at 38,697.05, up 629.12 points, or 1.65 per cent.