Chemcon Speciality Chemicals makes stellar market debut; shares zoom 72 pc

Shares of Chemcon Speciality Chemicals on Thursday made a strong debut on Dalal Street and closed the day with a premium of 72 per cent against its issue price of Rs 340 apiece.

Shares of Chemcon Speciality Chemicals on Thursday made a strong debut on Dalal Street and closed the day with a premium of 72 per cent against its issue price of Rs 340 apiece. The stock debuted at Rs 730.95, rising 114.98 per cent on the BSE. During the day, it zoomed 118.76 per cent to Rs 743.80.

It finally closed at Rs 584.80, up 72 per cent. On the NSE, it closed with a gain of 72 per cent at Rs 584.80 after listing at Rs 731, a premium of 115 per cent from the issue price.

The company's market valuation was at Rs 2,142.16 crore on the BSE. In traded volume terms, 19.45 lakh shares were traded at the BSE and 1.57 crore units on the NSE during the day.

The Rs 318-crore initial public offer of Chemcon Speciality Chemicals was subscribed by a whopping 149 times late last month. Price range for the offer was fixed at Rs 338-340 apiece.

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

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