Prasol Chemicals listing: Stock slips 10% to IPO price, opens at Rs 611

Shares of Prasol Chemicals Ltd, the Acetone and specialty chemical maker, slipped 10% to their IPO issue price on during their listing today. Prasol Chemicals shares opened 9.61% lower to Rs 611 during their market debut against the IPO issue price of Rs 676. Market cap of the Specialty Chemicals maker slipped to Rs 3744 crore.

However, Prasol Chemicals stock rose 2.75% to Rs 626 against the lisitng price of Rs 611 on BSE. On NSE too, Prasol Chemicals shares fell 10% to Rs 610 against the IPO price of Rs 676.

The allotment of equity shares of Prasol Chemicals Ltd on Friday, September 11. The investors could check the status of their applications on the websites of the registrar, NSE or BSE. However, those who shall not get the allotment will see their mandate revoked by the same day.

The shares of Prasol Chemicals were available in a price band of Rs 643-676 apiece between September 8 and September 10. It sold the issue with a lot size of 22 equity shares and its multiples thereafter. The company raised a total of Rs 500 crore via IPO, with issue being overall subscription of merely 3.30 times, fetching nearly 1.83 lakh applications and bids for only Rs 1,214 crore.

On an individual basis, the portion reserved for qualified institutional bidders (QIBs) attracted a subscription of 7.22 times, while the portion for non-institutional investors (NIIs) was subscribed 1.80 times. The allocation for retail investors was subscribed 1.70 times during the three-day subscription period.

DAM Capital Advisors was the sole book running lead manager and Kfin Technologies is the registrar of the issue.

Prasol Chemicals operates in the specialty chemicals industry. The company manufactures over 150 specialty chemicals, including acetone-based, phosphorous-based, and other complex chemicals. Its product portfolio includes 21 acetone-based chemicals, 53 phosphorous-based chemicals, and 76 other specialty chemicals (e.g. surfactants, esters, acids).