4 hrs ago
Prasol Chemicals Shares Debut Nearly 10% Below IPO Price
Prasol Chemicals is a company that makes speciality chemicals.
Its shares began trading on Wednesday.
The IPO price was ₹676 per share.
On the first day, shares opened at ₹611 on the BSE and ₹610 on the NSE.
This meant the shares started at almost 10% less than the IPO price.
Many investors had still applied for the IPO, which was subscribed 3.30 times.
The company will use some new money to repay debt and pay for daily business needs.
Its chemicals are used in medicines, farm products, personal-care goods and other items.
Prasol Chemicals shares opened at ₹611 on the BSE and ₹610 on the NSE, nearly 10% below the ₹676 IPO price.
The company’s ₹500-crore IPO was subscribed 3.30 times on the final bidding day.
The issue included a fresh share sale of ₹80 crore and an offer for sale of up to ₹420 crore.
Prasol Chemicals plans to use fresh-issue proceeds to repay debt, fund working capital and support general corporate purposes.
The company manufactures acetone-based, phosphorus-based and other speciality chemicals for pharmaceutical, agrochemical and consumer-product industries.
- Who
- Prasol Chemicals Ltd, a speciality chemicals manufacturer.
- What
- Its shares made a weak stock-market debut, opening nearly 10% below the ₹676 IPO issue price.
- Where
- On the BSE and NSE.
- When
- Wednesday, the company’s listing day.
- Why
- The fresh IPO proceeds are intended for debt repayment, working capital and general corporate purposes; the articles do not specify why the shares opened below the issue price.
Key facts
- IPO size
- ₹500 crore
- IPO price band
- ₹643–₹676 per share
- Issue price
- ₹676 per share
- BSE opening price
- ₹611, down 9.61%
- NSE opening price
- ₹610, down 9.76%
- Final IPO subscription
- 3.30 times
- Post-listing market capitalisation
- ₹3,746.31 crore
Sources
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