New Delhi, August 1(HS): Shares of Patel Chem Specialties Limited debuted strongly on the stock market today, initially thrilling its IPO investors. The shares were priced at ₹84 during the IPO and listed on BSE's SME platform at ₹110, marking a 31% premium.
However, selling pressure quickly emerged post-listing, causing the stock to decline. By 2 PM, shares fell to the lower circuit of ₹104.50, ultimately closing at that level. Despite triggering the lower circuit, IPO investors still enjoyed a 24.40% profit on the first trading day. The IPO, which was open from July 25 to July 29 and raised ₹59 crore, saw an exceptional subscription rate of 167 times, with 7 million fresh shares issued.
The funds will address working capital needs and corporate purposes. Prior to the listing, grey market data indicated shares trading at ₹111, about 32% above the IPO price. Additionally, a day before the launch, the company garnered ₹16.69 crore from 8 anchor investors who received 1.987 million shares.
Hindusthan Samachar / Jun Sarkar
