Chemcon gathers 95.39 Crs demand from 13 anchors, opens on Sept 21

Mumbai, September 18, 2020: Leading manufacturer of speciality chemicals, Chemcon Speciality Chemicals Limited will be opening its initial public offering for subscription on September 21, 2020* and will close on September 23, 2020. Ahead of its IPO announcement, the only manufacturer of HMDS in India and the third largest manufacturer of HMDS in terms of production in CY 2019 (Source: Frost & Sullivan Report). According to the regulatory filing, Chemcon has finalized the allocation of 2,805,880 equity shares at Rs 340 a piece to  13 anchor investors. Based on the price the total proceeds would be to the tune of 95.39 crores.

The Company is proposing to raise ₹318.00 crore via the fresh issue of ₹165 crore and OFS of 43,00,000 equity shares by the promoters. Utilization of the Net Proceeds will be towards the companies Capex towards expansion of their manufacturing facility, meet working capital requirement and towards general corporate purposes. The price band of the issue has been fixed at Rs ₹ 338 – ₹ 340 per Equity Share.

A total of 4 Mutual funds have applied through 7 schemes

The Company found interest and participation from well-known institutions such as IDFC Mutual Fund, ICICI Prudential, IIFL, HSBC Global, Mirae Asset Mutual Fund, Canara HSBC Oriental Bank of Commerce Life Insurance, Kuber India, Ashmore India, India Acorn, Tata Mutual Fund, Aurigin India, Reliance MF and Abakkus Asset Managers LLC.

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