Chemplast Sanmar Shares End 1.1% Lower On Market Debut
Shares of Chemplast Sanmar Ltd. fell on debut after its 3,850-crore initial public offering emerged as the third-least subscribed issue so far this year.
The stock listed at Rs 525 apiece, a 3% discount to its IPO price of Rs 541. It then hit an intraday high of Rs 550 but soon fell to a low of Rs 510 (down 5.7%). The stock ended day's trading at Rs 534.9 apiece, down 1.1%.
The specialty chemical maker's IPO was subscribed 2.17 times.
The company returned to the exchanges after a nine-year gap. It had voluntarily delisted in May 2012 when it acquired shares of face value value of Re 1 each from investors at Rs 15 apiece.
It sold shares at Rs 530-541 apiece in its three-day IPO. The float comprised a fresh issue of Rs 1,300 crore and an offer-for-sale worth Rs 2,550 crore by the promoter, the Sanmar Group.