Chemcon Speciality Chemicals’ IPO Subscribed 5.20 Times On Day 1
Jars of vape liquid chemicals sit on a shelf at the Pallet Vape House facility in Selangor, Malaysia. (Photographer: Samsul Said/Bloomberg)

Chemcon Speciality Chemicals’ IPO Subscribed 5.20 Times On Day 1

Chemcon Speciality Chemicals Ltd. attracted strong investor interest on the first day of its three-day share sale.

The initial public offering of the pharma firm was subscribed 5.20 times as of 5:00 p.m. on Sept. 21, according to data provided by Axis Capital. The IPO has received almost 5 lakh bids, against a maiden offer of 65.4 lakh shares.

Retail buyers, at 9.86 times, made the bulk of the purchases. Non-institutional investors bid 1.24 times on the shares reserved for them.

Also read: Chemcon Specialty Chemicals IPO: Here’s All You Need To Know

Chemcon plans to raise Rs 318 crore by selling up to 93.5 lakh shares in the price range of Rs 338-340 apiece, the minimum bid size being 44 shares.

The company has already raised a total of Rs 95.44 crore from anchor investors.

Also read: CAMS IPO Subscribed 82% On First Day Of Bidding

The chemical maker intends to utilise its proceeds towards capital expenditure to expand manufacturing units, working capital and other corporate purposes.

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