India: IPOs Of Chemcon Chemicals, CAMS See Overwhelming Investor Response
Chemcon Speciality Chemicals, a manufacturer of speciality chemicals, offered shares in the price band of ₹338-340 in the initial share sale. Ahead of its IPO, Chemcon Speciality Chemicals raised over ₹95 crore from 13 anchor investors. At the upper end of the price band, the IPO will fetch ₹318 crore.
The share price band of Computer Age Management Services Limited (CAMS) issue was fixed at ₹1,229-1,230. Ahead of the ₹2,250 crore IPO, CAMS, which acts as a registrar and transfer agent (RTA) for mutual funds, raised over ₹660 crore from 35 anchor investors.
According to brokerages, the share allocations in Chemcon Speciality Chemicals and CAMS issues are likely to be finanlised on September 28 and the issues may get listed on October 1.
Link Intime India Pvt Ltd is the registrar of both the IPOs.
The initial public offer (IPO) of Chemcon Speciality Chemicals comprises fresh issuance of equity shares aggregating up to ₹165 crore and an offer for sale of up to 45 lakh equity scrips by promoters.
The company intends to utilise the net proceeds from the fresh issue to meet capital expenditure for expansion of its manufacturing facility, fund working capital requirements and general corporate purposes.
Chemcon Speciality Chemicals Ltd is a leading manufacturer of specialised chemicals such as HMDS (Hexamethyldisilane) & CMIC (Chloromethyl isopropyl carbonate) which are predominantly used in pharmaceutical industry (pharmaceuticals chemicals) and inorganic bromides, predominantly used as completion fluids in the oilfields industry (oil well completion chemicals).
In CAMS IPO, the entire quantum of shares being sold to investorsis NSE’s 37.4% holding or 1.82 crore shares. NSE is fully divesting its stake in the company through this IPO on the direction of market regulator Sebi.
CAMS is India’s largest registrar and transfer agent (RTA) of mutual funds with an aggregate market share of around 70% based on mutual fund AUM managed. In FY20, CAMS generated 87% of the revenue from the mutual fund services business.
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