Chemcon Speciality Chemicals share delivered more than 100% returns to investors on its market debut today.
The stock listed at a premium of 115% to its issue price of Rs 340 on BSE today. The share opened at Rs 730.95 delivering investors return of Rs 390.95 or 114.95% compared to IPO price band of Rs 338 to Rs 340 per share.The stock further rose 118.74% to intra day high of Rs 743 on BSE. Total 13.88 lakh shares of the firm changed hands amounting to turnover of Rs 88.94 crore on BSE.
Market cap of the firm rose to Rs 2,242 crore.
Chemcon Speciality Chemicals' IPO has received a strong response from investors, with the share sale seeing 46.5 times subscription on the final day of bidding on September 23.
The company's public offer received bids for 30.50 crore shares against the issue size of 65.59 lakh shares (excluding anchor book).
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.
Chemcon Speciality Chemicals launched its initial public offering (IPO) on September 21.