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Home > Stock Market > After Happiest Minds, Route Mobile, Chemcon Speciality Chemicals IPO to hit stock market; all details here

After Happiest Minds, Route Mobile, Chemcon Speciality Chemicals IPO to hit stock market; all details here

Chemcon Speciality Chemicals IPO: Happiest Minds IPO allotment is over and IPO investors are now looking for another IPO listing. As the stock market has recovered well from lows in March 2020 and post-multifold bids for Happiest Minds and Route Mobile IPOs, equity experts are expecting many more IPO launchesin the remaining part of the year. On September 21, two IPO issues will open: Chemcon Speciality Chemicals IPO and Computer Age Management Services or CAMS IPO.

As per the red herring prospectus submitted by the company with the market regulator SEBI, the public issue consists of a fresh issue of Rs 165 crore and an offer for sale of 45 lakh equity shares by promoters Kamalkumar Rajendra Aggarwal and Naresh Vijaykumar Goyal. Both promoters will divest 22.5 lakh equity shares each via Chemcon Speciality Chemicals IPO.

Chemcon Speciality Chemicals is likely to raise around Rs 350-400 crore through its IPO. As per the market experts, the public issue size could be in the range of Rs 350-400 crore, while the IPO price band is expected at around Rs 295-300 per share.

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Speaking on the Chemcon Speciality Chemicals IPO, Keshav Lahoti, Associate Equity Analyst at Angel Broking said, “Chemcon is a manufacturer of specialised chemicals, such as HMDS and CMIC which are predominantly used in the pharmaceuticals industry and inorganic bromides which are predominantly used as completion fluids in the oilfields industry. Company supply products to domestic customers and also export products. In Fiscals 2020, 2019 and 2018, their revenue from exports (including Deemed Exports) contributed 39.78%, 31.99% and 47.84% respectively of revenue from operations.”

“Objects of the issue are capital expenditure, working capital requirements and general corporate purpose expense. Fresh issue would be of up to Rs 165 crore and offer for sale would be up to 45 lakh shares. Issue dates are September 21 – September 23. Intensive and Ambit are book running lead managers,” concluded Lahoti.

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