New Delhi, August 1 (HS): Patel Chem Specialties Limited, which produces pharmaceutical excipients and specialty chemicals, had a solid stock market debut today, initially attracting its IPO investors. The shares were issued at ₹84 and listed at ₹110 on the BSE's SME platform, marking a 31% premium.

However, selling pressure quickly set in, causing the share price to fall to ₹104.55 around noon, although IPO investors still saw a 24.46% profit in trading. The company's ₹59 crore IPO was open for subscription from July 25 to 29 and was oversubscribed by 167 times, consisting of 7 million fresh shares. Proceeds from the IPO will be used for working capital and corporate purposes.

Pre-listing, shares traded around ₹111 in the gray market, aligning with market expectations. Prior to the IPO, the company secured ₹16.69 crore from eight anchor investors, allocating 19.87 lakh shares, including firms like Bengal Finance and Meru Investment Fund.

Hindusthan Samachar / Jun Sarkar