Strong listing: Neogen Chemicals debuts with 17% premium at Rs 251
Speciality chemicals maker Neogen Chemicals lsited with 16.7 percent premium on May 8, after a strong response to its initial public offer. The stock listed at Rs 251 on the BSE, against issue price of Rs 215.
At 1001 hours IST, it was quoting at Rs 263.55, up Rs 48.55 or 22.58 percent with respect to the issue price.
Thanks to the heavy buying, the stock was locked at 5 percent upper circuit. There were no sell order on the exchange and about 3.9 lakh pending buy order at the time of publishing.
Neogen Chemicals is a manufacturer of bromine-based and lithium-based speciality chemicals.
The Rs 132-crore public offer was opened for subscription during April 24-26 and was oversubscribed 41.18 times. The offer price band was fixed at Rs 212-215 per share.
The IPO comprised of a fresh issue of up to Rs 70 crore and an offer-for-sale of up to 29 lakh equity shares.