Chemcon Speciality Chemicals IPO subscribed 148.58 times

Mirroring massive investor response, the initial public offer of Chemcon Speciality Chemicals was subscribed a whopping 148.58 times so far on the last day of bidding on Wednesday. The company intends to utilise the net proceeds from the fresh issue to meet capital expenditure for expansion of its manufacturing facility, fund working capital requirements and general corporate purposes.

Mirroring massive investor response, the initial public offer of Chemcon Speciality Chemicals was subscribed a whopping 148.58 times so far on the last day of bidding on Wednesday. The Rs 318-crore initial public offer received bids for 97,27,43,024 shares against 65,47,061 shares on offer.

Chemcon Speciality Chemicals Ltd on Friday raised over Rs 95 crore from anchor investors. The initial public offer comprises a fresh issue aggregating up to Rs 165 crore and an offer for sale of up to 45 lakh shares.

Price range for the offer, which was open for bidding on Monday, has been fixed at Rs 338-340 apiece. The company intends to utilise the net proceeds from the fresh issue to meet 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 Ltd, 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. Intensive Fiscal Services and Ambit Capital are managing the offer.