The weakness in the equity market and higher valuations seem to be primary reason for disappointing listing of Anupam, Rasayan even though the public issue was subscribed 44 times between March 12 and 16.
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Anupam Rasayan share price had a weak listing on the bourses as the stock fell 5.24 percent to close at Rs 525.90 on the BSE, against the issue price of Rs 555 on March 24.
The weakness in the equity market and higher valuations seem to be the primary reason for a disappointing listing of Anupam, though the public issue was subscribed 44 times during March 12-16.
The stock hit an intraday high of Rs 548.95 and a low of Rs 501.15 after opening at Rs 534.70 on the BSE.
On the National Stock Exchange, Anupam Rasayan share price closed at Rs 526.80, down 5.08 percent, with volumes of over 1.61 crore equity shares.
“The valuations were little on a higher side and given the current market sentiment, this led to a weak listing. Further, there are too many IPOs hitting the market at the same time which is resulting in a quick rotation of money. Speciality chemical segment is also getting over-crowded; thus companies with over-valuation are not well supported at a time of weak market cues,” Hemang Jani, Head Equity Strategy, Broking & Distribution at Motilal Oswal Financial Services said.
Also read – Anupam Rasayan disappoints on debut: What should investors do with the stock?
Anupam Rasayan is engaged in the manufacturing of custom synthesis (CSM) and specialty chemicals in India. The company has a diversified product portfolio with life sciences related specialty chemicals (agrochemicals, personal care and pharmaceuticals), contributing 94 percent to revenue, while other specialty chemicals (specialty pigment and dyes, and polymer additives) formed 6 percent of revenue.
“With major capex behind, the sweating of assets would help Anupam Rasayan capitalise on the growth opportunities of CSM market which is expected to grow at 12 percent CAGR over next 5 years,” Hemang Jani said.
The company raised Rs 760 crore through its public offer which was entirely a fresh issue. The funds raised will be utilised to repay a debt of Rs 560 crore, post which the company would become debt-free.
