The initial public offer (IPO) of Chemcon Speciality Chemicals received bids for 97.76 crore shares on Wednesday, 23 September 2020, as against 65.59 lakh shares on offer, as per the National Stock Exchange of India (NSE) website data at 18:00 IST. The issue was subscribed 149.05 times.

The issue opened for bidding on Monday, 21 September 2020 and will close today, 23 September 2020. The price band for the IPO was set at Rs 338-340 per share.

The IPO comprised of a fresh issue worth up to Rs 165 crore by the company and an offer for sale of up to 45 lakh equity shares (including anchor portion of 28.05 lakh equity shares).

Ahead of the IPO, the company raised over Rs 95.40 crore from anchor investors on 18 September 2020. The company allotted 28.05 lakh shares at Rs 340 each to a total of 13 anchor investors.

The net proceeds of the fresh issue are proposed to be utilized in capital expenditure towards expansion of its manufacturing facility amounting Rs 41.033 crore, to meet working capital requirements of Rs 90 crore and balance in for general corporate purposes.

The company recorded total income of Rs 262.05 crore and profit after tax of Rs 48.88 crore in the year ended on 31 March 2020.

Chemcon Speciality Chemicals is a manufacturer of specialized chemicals, used in the pharmaceutical and Oilwell industries. It supplies its products to domestic customers and as well as customers outside India.