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    Chemcon lists at 115% premium over issue price, beats Happiest Minds, IRCTC, DMart

    Synopsis

    At the issue price, the scrip quoted at 25.5 times FY20 earnings per share, which was at a discount to the peer average of 40 times.

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    Earlier this month, Happiest Minds IPO had also witnessed a stellar response and was subscribed 151 times. Shares of the firm had listed at a 111 per cent premium two weeks ago.

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    NEW DELHI: Shares of Chemcon Speciality Chemicals made a stellar debut on Thursday as the scrip got listed at Rs 731, a 115 per cent premium over its issue price of Rs 340 on NSE.

    On BSE, the scrip listed at Rs 730.95, a premium of 114.99 per cent over issue price.

    At the issue price, the scrip quoted at 25.5 times FY20 earnings per share, which was at a discount to the peer average of 40 times.

    Among its comparable peers in the listed space are Aarti Industries, Vinati Organics, Atul, Paushak, Neogen Chemicals, Fine Organics Industries and Sudarshan Chemicals

    The Rs 318 crore IPO, which was sold from September 21 to September 23, was subscribed a whopping 149 times.

    Qualified institutional buyers (QIBs) category for the issue was subscribed 113.40 times, non-institutional investors 450.52 times and retail individual investors 40.40 times.

    Earlier this month, Happiest Minds IPO had also witnessed a stellar response and was subscribed 151 times. Shares of the firm had listed at a 111 per cent premium two weeks ago.

    In the past too, companies like Avenue Supermarts, IRCTC, Advanced Enzyme Technologies and Capacite Infraprojects have received more than 100 times subscription for their initial public offerings.

    The company intends to utilise the net proceeds from the fresh issue to meet the capital expenditure for expansion of its manufacturing facility, fund working capital requirements and general corporate purposes.

    The Vadodara-based company has long-standing relationships with its key customers, including Laurus Labs, Aurobindo Pharma Ltd, and Ind-Swift Laboratories Ltd.

    It exports products to global markets covering the US, Germany, Italy, South Korea, Japan, the United Arab Emirates, Serbia, Russia, Spain, Thailand and Malaysia.
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