Neogen Chemicals shares jump nearly 17% in debut trade

NEW DELHI, May 8: The scrip of Neogen Chemicals jumped nearly 17 per cent in its debut trade Wednesday against the issue price of Rs 215 per share.

Shares of the company got listed at Rs 251, registering a gain of 16.74 per cent from the issue price on the BSE. Later it touched a high of Rs 263.55 and a low of Rs 250.10.

The company’s market valuation stood at Rs 614.98 crore on the BSE.

The Rs 132-crore initial public offering of Neogen Chemicals had received good response from investors as the issue was subscribed 41.14 times last month.

The price range for the offer was fixed at Rs 212-215 per share.

Neogen Chemicals is a manufacturer of bromine-based and lithium-based specialty chemicals. (PTI)