Script lists at 20% premium
IPO subscribed 132 times
The Equity Shares of Hindcon Chemicals Ltd, engaged in manufacturing wide
range of chemical products, listed today at the NSE Emerge Platform. The script made a strong debut and surged
20 percent, post the listing. Stock opened at Rs 33.60 against the IPO price of
Rs 28 a share.
The
public issue which was open for subscription
from 26 February to 28 February 2018 raised 7.73 Cr through offering 27, 60,000 Equity Shares of face value of Rs. 10 each for cash at
price of Rs. 28 per Equity Share. The net
proceeds from the IPO will be utilized for meeting working capital
requirements, general corporate and issue expenses.
Mr. Sanjay Goenka, Managing Director and
Promoter, Hindcon
Chemicals Ltd said, “Having a company listed is significant milestone and we as a group
are elated to have received such an overwhelming response to our maiden IPO. We thank all our investors and merchant banker for
the support in making our IPO exceedingly successful”
The Lead Manager to the Issue Mr
Gaurav Jain & Mr Prateek Jain, Directors, Hem Securities Ltd., said “We are
delighted to have received such a prodigious investor response to Hindcon
Chemicals IPO, which was attractively priced and
pedantically marketed. The IPO received overwhelming response procuring subscription amount of
over Rs 1022 crore as the issue overall subscribed 132.29 times. The HNI and
Retail portion subscribed 154.85 and 124.18 times respectively. As a leading merchant banker in the SME IPO space, Hem
Securities has been consistently acknowledged by
BSE, NSE and independent agencies for our strong focus on fundamentally good quality companies that
are poised for accelerated growth and long
term wealth creation for the investors”
Hindcon Chemicals, incorporated in 1998, has been
in the business of construction chemicals for the last 20 years. The Company
has over 100 products in its portfolio with main foray into sodium silicate,
waterproofing additives, plasticizers etc. The Company has its manufacturing facility
located in Howrah which has an installed capacity of 30,000 MT per year.
Company’s key product portfolio includes Protective waterproofing coatings,
Sodium Silicates, Concrete & mortar admixtures, Epoxy grouts & mortars,
Waterproofing compounds, Shot crete aids, Remover cleaning compounds, Sealants,
Tile adhesives, among others.
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