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Chemcon Speciality Chemicals’ IPO Subscribed 12.65 Times On Day 2

The company has already raised a total of Rs 95.44 crore from anchor investors who picked up close to 28 lakh shares.

Rows of glass vials in a biologics laboratory in Sweden. (Photographer: Mikael Sjoberg/Bloomberg)
Rows of glass vials in a biologics laboratory in Sweden. (Photographer: Mikael Sjoberg/Bloomberg)

Chemcon Speciality Chemicals Ltd. continued to attract bidders on the second day of its three-day share sale.

The initial public offering of the pharma firm was subscribed 12.65 times as of 5 p.m. on Sept. 22, according to data provided by Kotak Securities. The IPO has received over 12 lakh bids, against a maiden offer of 65.4 lakh shares.

Retail buyers, at 23.01 times, made the bulk of the purchases. Non-institutional investors bid 3.51 times on the shares reserved for them while institutional buyers subscribed 1.37 times on the 18.7 lakh shares allocated to them.

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 who picked up close to 28 lakh shares.

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