Patel Chem Specialities IPO: The initial public offering (IPO) of Patel Chem Specialities witnessed strong demand on the first day of the bidding process on Friday, as the issue was subscribed 50% in just over an hour of opening. Strong demand from the retail and NII quotas, along with a solid grey market premium (GMP), resulted in Patel Chem Specialities’ IPO crossing the halfway mark.
Patel Chem Specialities IPO, worth ₹58.80 crore, is a fresh issue of 70 lakh shares. The issue opened for subscription on July 25 and will close on July 29. Following the closure, the allotment is expected on July 30, while the listing of Patel Chem Specialities shares is likely on August 1.
Patel Chem Specialities IPO price band is fixed at ₹82 to ₹84 per share. Investors can apply for the issue in lots of 1600 shares. The company plans to use the funds raised from the public offer for meeting capital expenditure needs and general corporate purposes.
Patel Chem Specialities IPO Subscription
As of 11.30 am on the first day of the bidding process, Patel Chem Specialities IPO was booked 0.54 times. The retail portion was booked the most at 0.85 times so far. The NII portion garnered 0.56 times bids, while the QIB quota did not receive any bids yet.
Patel Chem Specialities IPO GMP
Patel Chem Specialities IPO GMP today is ₹35 per share. The current GMP is higher than ₹23 it was commanding two days ago. At the prevailing GMP and issue price of ₹84, Patel Chem Specialities shares could list at ₹119, a premium of 41.67%.
However, investors must know that GMP is subject to swift change. And investors must base their decision on whether to apply or not on the fundamentals of a company and their own risk appetite.
About Patel Chem Specialities
Patel Chem Specialities, incorporated in 2008, is a manufacturer and exporter of pharmaceutical excipients and specialty chemicals.
The company manufactures various essential chemicals used in pharmaceuticals, food, cosmetics, and industrial applications, serving as binders, disintegrants, thickeners, stabilisers, and gelling agents across industries.
The company also has a global presence, serving East Asia, Europe, the Middle East, North America, and Southeast Asia.
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