Chemcon Speciality Chemicals makes stellar market debut; shares zoom 115 pc

NEW DELHI, Oct 1: Shares of Chemcon Speciality Chemicals on Thursday made a strong debut on Dalal Street with a premium of 115 per cent against its issue price of Rs 340 apiece.
The stock jumped 114.98 per cent to Rs 730.95 in its debut trade on the BSE. It later zoomed 115 per cent to Rs 731.25.
On the NSE, it listed at Rs 731, reflecting a premium of 115 per cent from the issue price.
The company’s market valuation was at Rs 2,296.74 crore on the BSE.
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. (PTI)