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    Anupam Rasayan makes tepid debut; lists at Rs 520, a 6.3% discount to issue price

    Anupam Rasayan makes tepid debut; lists at Rs 520, a 6.3% discount to issue price

    Anupam Rasayan makes tepid debut; lists at Rs 520, a 6.3% discount to issue price
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    By Pranati Deva   IST (Updated)

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    The stock fell to its intra-day low of Rs 502.25 per share on the NSE, down 9.5 percent from the issue price.

    Shares of Anupam Rasayan made a tepid debut on the bourses on Wednesday on the back of ongoing market volatility. The stock listed with a discount of 6.3 percent at Rs 520 per share on the NSE as against the issue price of Rs 555 per share. On BSE, it was listed at Rs 534.70 apiece.
    The stock fell to its intra-day low of Rs 502.25 per share on the NSE, down 9.5 percent from the issue price.
    The specialty chemicals company raised Rs 760 crore through its public issue, which was completely a fresh issue. This would result in the promoter's stake reducing from 75.8 percent pre-IPO to 65.4 percent post-IPO.
    The net proceeds from the IPO will be utilised for repaying debt. The issue, which was open between March 12 and March 16, was subscribed 44.06 times.
    The reserved portion for retail investors was subscribed 10.77 times and that of non-institutional investors is 97.42 times and qualified institutional buyers 65.74 times. Employees have put in 1.71 times more bids compared to the reserved portion.
    Anupam Rasayan commenced operations in 1984 with conventional products and now it makes specialty chemicals that involve multi-step synthesis and complex chemistries. It has six multi-purpose manufacturing facilities based in Gujarat with a combined aggregate installed capacity of around 23,396 metric tonnes.
    Most brokerages had assigned a subscribe rating to the issue citing the company's sustained strong financial performance and diversified and customised product portfolio.
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