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.

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.

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