Chemplast Sanmar IPO subscribed 33% on last day
Chemplast Sanmar IPO remains undersubscribed as investors placed bids for only 33 per cent of the entire initial public offering so far on Thursday, the final day of bidding. The portion set aside for qualified institutional buyers (QIBs) was subscribed 2 per cent and that of non-institutional investors saw 10 per cent subscription. Retail investors have put in bids 1.63 times their reserved portion.
Chemplast Sanmar shares were trading at a weak premium of ₹18-20 per share or just 3.7 per cent of the IPO price in the grey market. The grey market premium for the Chennai-based specialty chemicals maker has come down since the IPO opened for subscription on August 10.
Chemplast Sanmar IPO was subscribed 26 per cent on Wednesday, the second day of subscription.
Chemplast Sanmar IPO aggregating up to ₹3,850 crore has a fresh issue of up to ₹1,300 crore and an offer for sale worth up to ₹2,550 crore. The price band for the offer is ₹530-541 per share. Chemplast Sanmar said on Monday it has collected over ₹1,732 crore from anchor investors.
ICICI Securities, Axis Capital, Credit Suisse Securities (India), IIFL Securities, Ambit Private Ltd, BOB Capital Markets Ltd, HDFC Bank, IndusInd Bank and YES Securities (India) are the managers to the offer.
Chemplast Sanmar is a leading chemicals manufacturer with a focus on specialty paste polyvinyl chloride resin and custom manufacturing of starting materials and intermediates for pharmaceutical, agro-chemical and fine chemicals sectors.
(With agency inputs)