Chemcon Specialty Chemicals shares made a strong debut on the BSE and NSE today, with share prices more than doubling on trading day. Chemcon shares have so far traded in the range of ₹743.80 to ₹610 so far, compared to the issue price of ₹340. Chemcon Specialty Chemicals’ initial public offering was subscribed 149 times. the ₹The initial public offering of 318 crore received offers for 97.64,26,440 shares against 65,47,061 shares on offer.
The Qualified Institutional Buyers (QIB) category subscribed 113.40 times, non-institutional investors 450.52 times, and individual retail investors 40.40 times. Before the IPO, Chemcon Specialty Chemicals had increased ₹Rs 95 crore from anchor investors.
The initial public offering included a new issue that amounted to up to ₹165 crore and an offer to sell of up to 45 lakh shares.
Chemcon intends to use the net proceeds from the new issuance to cover capital expenditures for the expansion of its manufacturing facility, fund working capital requirements, and general corporate purposes.
CAMS shares also traded today up more than 20% on its debut.
Chemcon Specialty Chemicals Ltd, based in Vadodara, is a manufacturer of specialty chemicals such as HMDS (hexamethyldisilane) and CMIC (chloromethylisopropyl carbonate) that are mainly used in the pharmaceutical industry (pharmaceutical chemicals) and inorganic bromides, which are mainly used as completion fluids in the oilfield industry. (Oil Well Completion Chemicals).
The Vadodara-based company has long-standing relationships with its key clients, including Laurus Labs Ltd, Aurobindo Pharma Ltd, and Ind-Swift Laboratories Ltd.
It exports products to global markets covering the United States, Germany, Italy, South Korea, Japan, the United Arab Emirates, Serbia, Russia, Spain, Thailand, and Malaysia.
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