New Delhi, Sep 16 (PTI) Shares of speciality chemicals manufacturer Prasol Chemicals Ltd on Wednesday listed with a discount of nearly 10 per cent against the issue price of Rs 676.
The stock made its market debut at Rs 611, down 9.61 per cent from the issue price on the BSE.
At the NSE, it listed at Rs 610, a discount of 9.76 per cent from the issue price.
The company’s market valuation stood at Rs 3,746.31 crore.
Prasol Chemicals’ Rs 500-crore initial public offering was subscribed 3.30 times on the final day of bidding on Thursday last week.
The company’s IPO had a price band of Rs 643-676 per share, comprising a fresh issue of Rs 80 crore and an OFS of up to Rs 420 crore.
Prasol Chemicals Ltd had mobilised nearly Rs 150 crore from anchor investors.
Proceeds from the fresh issue will be used for repayment of debt, meeting working capital requirements and general corporate purposes.
The company, originally incorporated as Prachi Poly Products Pvt Ltd in 1992, changed its name to Prasol Chemicals in 2007 and subsequently became a public company again in 2022.
Prasol Chemicals is a forward-integrated manufacturer of acetone and phosphorus-based speciality chemicals, along with other speciality chemicals involving complex and differentiated chemistries.
Several acetone and phosphorus derivatives in its portfolio are used in pharmaceuticals, synthesis of agrochemical active ingredients and formulations, besides applications as critical raw materials in home and personal care products such as sunscreens, shampoos, flavours, fragrances and disinfectants. PTI SUM HVA
