Prasol Chemicals make weak debut, trades below ₹676-IPO price
The stock stages a rebound within minutes of listing, rising to ₹654.80 on the BSE, but continues to trade below its IPO price
Prasol Chemicals experienced a weak initial public offering (IPO) on Wednesday, trading at a 9.7 percent discount to its IPO price of ₹676 on the National Stock Exchange (NSE) at ₹610. The stock later surged to ₹654.80 on the Bombay Stock Exchange (BSE), but remained below the IPO price throughout. Despite a robust subscription rate of 3.30 times for the IPO, worth ₹500 crore, Prasol Chemicals managed to raise approximately ₹150 crore from anchor investors.
The price band for the IPO ranged from ₹643 to ₹676 per equity share, with the fresh issue allocated for debt repayment, working capital needs, and general corporate purposes.
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