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The IPO of Chemcon Speciality Chemicals opens on Monday and the producer of speciality chemical compounds has mounted the worth band at ₹338-340 per share for its preliminary share sale. The difficulty closes on September 23. Ahead of its IPO, Chemcon Speciality Chemicals raised over ₹95 crore from 13 anchor buyers, together with IDFC Mutual Fund, ICICI Prudential Mutual Fund, IIFL, HSBC Global and Mirae Asset Mutual Fund.
Lot Size and possible itemizing date
The misplaced measurement of Chemcon Speciality Chemicals IPO is 44 shares which implies that buyers have to bid for no less than 44 shares and in multiples thereof. Minimum software cash for retail buyers on the higher value band is lot) Rs. 14,960. Retail buyers can bid for a most of 13 tons.
According to brokerages, the share allocation in Chemcon Speciality Chemicals difficulty is probably going to be finanlised on September 28 and the difficulty might get listed on October 1.
Link Intime India Pvt Ltd is the registrar of the IPO whereas Intensive Fiscal Services and Ambit Capital are the ebook operating lead managers to the difficulty.
The preliminary public provide (IPO) of Chemcon Speciality Chemicals includes recent issuance of fairness shares aggregating up to ₹165 crore and a proposal on the market of up to 45 lakh fairness scrips by promoters. At the higher finish of the worth band, the IPO will fetch ₹318 crore.
The firm intends to utilise the web proceeds from the recent difficulty to meet capital expenditure for growth of its manufacturing facility, fund working capital necessities and normal company functions.
The Vadodara-based firm has lengthy standing relationships with its key clients, together with Laurus Labs Ltd, Aurobindo Pharma Ltd, Ind-Swift Laboratories Ltd.
It exports merchandise to world markets masking the US, Germany, Italy, South Korea, Japan, the United Arab Emirates, Serbia, Russia, Spain, Thailand and Malaysia.
Chemcon Speciality Chemicals Ltd is a number one producer of specialized chemical compounds similar to HMDS (Hexamethyldisilane) & CMIC (Chloromethyl isopropyl carbonate) that are predominantly utilized in pharmaceutical business (prescription drugs chemical compounds) and inorganic bromides, predominantly used as completion fluids within the oilfields business (Oil nicely completion chemical compounds).
Its income and PAT grew at a CAGR of 29% and 36% respectively over FY18-20. In FY20, Chemcon had reported gross sales of ₹262 crore with web revenue at ₹49 crore.
“At the upper price band of Rs340, CSCL is available at P/E of 25.5x on FY20, which is attractive when compared to peers. Considering healthy business performance, regular capacity expansions, strong customer base, expanding margin profile and improving outlook for the sector, we have a ‘SUBSCRIBE’ rating on this IPO,” Geojit Financial Services stated in a be aware.
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