Shares of speciality chemicals company Anupam Rasayan India made a weak market debut on Wednesday and closed with a decline of over 6 per cent, against its issue price of Rs 555.
It listed at Rs 534.70, a discount of 3.65 per cent from the issue price on the BSE.
Later as the trade progressed, the stock tumbled 9.70 per cent to Rs 501.15 during the day. It finally closed at Rs 525.90, lower by 5.24 per cent.
On the NSE, it debuted at Rs 520, a decline of 6.30 per cent from the issue price and later closed with a decline of 6.57 per cent at Rs 518.50.
In traded volume terms, 15.82 lakh shares were traded at the BSE and over 1.61 crore units at the NSE during the day.
Its market valuation was at Rs 5,254.92 crore on the BSE.
The initial public offer of Anupam Rasayan India was subscribed 44.06 times earlier this month.
The price range for the Rs 760-crore offer was Rs 553-555 per share.
Anupam Rasayan commenced operations in 1984 with conventional products and now it makes speciality chemicals that involve multi-step synthesis and complex chemistries.
The company mainly caters to the agrochemical, personal care and pharmaceutical sectors, which accounted for over 95 per cent of its revenues in 2019-20.
Its clients include Syngenta Asia Pacific, Sumitomo Chemical Company and UPL Limited.