Chemcon Speciality Chemicals' IPO has received overwhelming response from investors, with the offering seeing 46.5 times subscription on the final day of bidding. The company's public offer received bids for 30.50 crore shares so far against the issue size of 65.59 lakh shares (excluding anchor book), as per the data available on the exchange. CAMS shares will be listed on BSE on October 1.
The portion set aside for retail investors was subscribed 33 times and the qualified institutional investors segment received 12.94 times bid against the allotted size. The quota reserved for non-institutional investors was subscribed 122.4 times.
The Chemcon Speciality Chemicals (CAMS) IPO, which opened on September 21, are available in a price band of Rs 1,229-Rs 1,230. It comprises of a fresh issue aggregating up to Rs 165 crore and an offer for sale of up of Rs 153 crore by promoters. Following the stake sale, promoters' holding in the company will reduce to 74.5 per cent from existing 100 per cent.
The company intends to use fund proceeds to meet capital expenditure and working capital requirements and for general corporate purpose.
It has already raised Rs 666.57 crore from anchor investors ahead of the opening of its IPO. Minimum lot size for applying in the IPO is 12 shares which will cost an applicant Rs 14,760.
The allotment of shares to the eligible investors will be done on September 28 and initiation of refunds will be carried out on September 29.
Kotak Mahindra Capital, HDFC Bank, ICICI Securities and Nomura Financial Advisory and Securities are the lead managers to the issue.
CAMS is one of India's leading registrar and transfer agent of mutual funds with a market share of nearly 70 per cent, based on mutual fund average assets under management (AAUM), as of November 2019. Headquartered in Chennai, CAMS is co-owned by NSE Investments, Warburg Pincus, Faering Capital ACSYS Investments and HDFC Group.