Chemcon IPO Subscribed 149.14 Times On Last Day Of Bidding
Chemcon Speciality Chemicals Ltd. received an overwhelming response from investors on the last day of its three-day share sale.
The initial public offering of the company was subscribed 149.14 times as of 5:00 pm on Sept. 23, according to data provided by Axis Capital. The IPO received over 97 crore bids against the maiden offer of 65.4 lakh shares.
At 450.52 times, non-institutional bidders made the bulk of the purchases in the offering. Institutional investors bid 113.4 times on the shares earmarked for them while retail buyers subscribed 40.4 times on the 32.7 lakh shares allocated to them.
Chemcon plans to raise Rs 318 crore by selling up to 93.5 lakh shares in a price band of Rs 338-340 apiece, the minimum bid size being 44 shares. The company has already raised Rs 95.44 crore from anchor investors, who picked up close to 28 lakh shares.
The specialty chemicals maker intends to use the IPO proceeds as capital expenditure for expanding manufacturing units, working capital and other corporate purposes.
Research Reports On Chemcon Speciality Chemicals IPO