Chemplast Sanmar shares make muted debut

Chemplast Sanmar IPO raised Rs 1,300 crore through its fresh issue and the remaining Rs 2,550 crore through offer for sale.

Chemplast Sanmar shares started off the first day of trade on a weak note as the stock listed at a 3 percent discount to the issue price of Rs 541 per share. It opened at Rs 525 on the BSE, and Rs 550 on the National Stock Exchange.

The public issue of specialty chemical company had seen a tepid response from investors though the issue sailed through. The offer was subscribed 2.17 times during August 10-12 as the retail portion was booked 2.29 times. The portion set aside for qualified institutional buyers was subscribed 2.7 times and that for non-institutional investors saw a 1.03 times subscription.

The company raised Rs 1,300 crore through its fresh issue and the remaining Rs 2,550 crore through offer for sale. The fresh issue money will be utilised for early redemption of non-convertible debentures (Rs 1,238.25 crore).