Chemcon Speciality Chemicals Opens For Bidding. Key Things To Know

Chemcon Speciality Chemicals Opens For Bidding. Key Things To Know

The Vadodara-based company has fixed the IPO price band at Rs 338-340 per share.

Chemcon Speciality Chemicals’ Rs 318 crore initial public offer (IPO) opens for bidding on Monday i.e. September 21. The public offer of the specialized chemical products maker will remain open for 3 days until September 23. The Vadodara-based company has fixed the IPO price band at Rs 338-340 per share, as it is a book-building issue.

The IPO of Chemcon Speciality Chemicals includes fresh issue of equity shares worth Rs 165 crore and an offer for sale of up to 45 lakh equity shares by the company promoters.

The public offering will have a lot size of 44 shares. Investors can bid for a minimum 1 lot consisting of 44 shares and in multiples thereafter, extending up to 13 lots. At the higher end of the price band, investors will have to shell out Rs 14,960.

Going into the public offering, Chemcon Speciality Chemicals had garnered over Rs 95 crore from 13 anchor investors, including IDFC Mutual Fund, ICICI Prudential Mutual Fund, IIFL, HSBC Global and Mirae Asset Mutual Fund.

Chemcon Speciality Chemicals has announced that it will use proceeds from the fresh issue to expand its production unit, take care of working capital requirements and for general corporate purposes.

The company produces chemicals such as HMDS (Hexamethyldisilane) & CMIC (Chloromethyl isopropyl carbonate), which are predominantly used in the pharmaceutical industry.

Chemcon Speciality Chemicals caters to major domestic customers such as Laurus Labs, Aurobindo Pharma and Ind-Swift Laboratories, and also exports to important markets overseas such as the US, Germany, Italy, South Korea and Japan.

The book running lead managers for the IPO are Intensive Fiscal Services and Ambit Capital, while the registrar is Link Intime India.

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