Bumper debut: Neogen Chemicals ends with 23% premium at Rs 264
Shares of speciality chemicals maker Neogen Chemicals closed at day’s high on May 8, the first day of trading on exchanges, despite weak market conditions.
The stock rallied 22.58 percent to close at Rs 263.55 on the BSE, which was also an intraday high. Compared to the opening price of Rs 251, the stock was locked in 5 percent upper circuit.
On the NSE also, it closed at the same price against issue price of Rs 215. Volume was at 2.88 lakh shares on the BSE and 13.58 lakh shares on the NSE.
At closing price, Neogen’s market capitalisation stood at 614.98 crore.
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.