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Chemcon Speciality Chemicals IPO to open on September 21; check price band, lot size and other details

BusinessToday.In     September 16, 2020

Chemcon Speciality Chemicals will launch its initial public offering (IPO) on September 21. The maker of specialised chemical products will offer 93.52 lakh shares of Rs 10 each in the share sale which will end on September 23.

Of these, 48.52 lakh shares will be issued fresh and 45 lakh shares will be part of offer for sale (OFS).  Price band for the IPO has been fixed at Rs  338 to Rs 340 per share.

On September 21, Computer Age Management Services (CAMS) backed by NSE and private equity firm Warburg Pincus, will also open its IPO.

Shares of the firm will be available in a lot size of 44 shares amounting to Rs 14,960. One can apply for a maximum 13 lots comprising 572 shares worth Rs 1,94,480.

CAMS IPO to open on September 21; price band, lot size and other details

Ambit Private Limited and Intensive Fiscal Services Private Limited  are lead managers to the issue. Link Intime India is the registrar to the issue.

Chemcon is likely to raise around Rs 350-400 crore through the IPO. The firm plans to utilise fresh issue proceeds for expansion of manufacturing facility, working capital requirements and general corporate purposes.

Hetero Labs Limited, Laurus Labs Ltd, Aurobindo Pharma Ltd, Lantech Pharmaceuticals Ltd, Macleods Pharma Ltd are the key customers of the firm's pharma chemical business.

Apart from domestic market, the company exports its products to USA, China, Japan, UAE, Serbia, Russia, Malaysia, and Azerbaijan. It has a manufacturing plant at Manjusar near Vadodara in Gujarat, 5 operational plants, 3 warehouses, and 2 leased warehouses.

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Chemcon Speciality Chemicals which was incorporated in 1988 is a manufacturer of specialised chemical products i.e. HMDS and CMIC. Its product portfolio includes oilfield chemicals (Calcium Bromide, Sodium Bromide, and Zinc Bromide), Pharma intermediates, Silanes, and chemicals contract manufacturing work.

By Aseem Thapliyal

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