Patel Chem Specialities IPO listing: Shares make stellar debut, list at 31% premium at ₹110
After opening at ₹ 110, Patel Chem Specialities' share price advanced further to the level of ₹ 114.
However, the stock soon erased gains and hit its 5 per cent lower circuit of ₹ 104.50. Around 10:30 AM, the stock was locked at its 5 per cent lower circuit.
Patel Chem Specialities IPO was a fresh issue of 70 lakh shares, aimed at raising ₹ 58.80 crore, which the company wants to use for general corporate purposes, among other things. Patel Chem Specialities IPO price band was ₹ 82 to ₹ 84 per share.
The issue opened for subscription on July 25 and closed on July 29. The share allotment was finalised on July 30.
Cumulative Capital Private Limited and Unistone Capital Private Limited were the book-running lead managers, while MUFG Intime India Private Limited was the issue's registrar.
Patel Chem Specialities IPO was booked 167 times. The retail portion was booked 173 times, while the NII portion subscribed to 237 times, and the QIB quota received 105 times bids.
Patel Chem Specialities operates in speciality chemicals, particularly focusing on the production of cellulose-based excipients.
"We manufacture a diverse range of products that are critical to various industries, including pharmaceuticals, food and beverages, cosmetics, and numerous industrial applications," the company's RHP (Red Herring Prospectus) says.
The company's revenue from operations rose to ₹ 105.1 crore in FY25 from ₹ 82.36 crore in FY24 and ₹ 69.40 crore in FY23.
In FY25, profit stood at ₹ 10.57 crore, up from ₹ 7.7 crore and ₹ 2.9 crore in FY23.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
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