Chemcon Speciality Chemicals Ltd made a spectacular debut on the stock exchanges on Thursday as its shares more than doubled on listing before paring some gains on profit-taking, while mutual fund back-end processor Computer Age Management Services Ltd (CAMS) also made a positive start.
Shares of Vadodara-based Chemcon began trading on the BSE at Rs 730.95 apiece compared with the initial public offering (IPO) price of 340 per share. The stock touched a high of Rs 743.80 apiece in early trade, clocking a gain of 115%.
The stock closed at Rs 584.80, up 72% from the issue price. This gives the company a market capitalisation of 2,142.16 crore compared with a valuation of Rs 1,245.44 crore it sought through the IPO.
The BSE’s benchmark Sensex advanced 629.12 point, or 1.65%, to close at 38,697.05 on Thursday.
Meanwhile, CAMS shares began trading on the BSE at Rs 1,518 apiece compared with the IPO price of Rs 1,230 apiece. The stock touched a high of Rs 1,550 apiece in early trade, clocking a gain of 26%.
The stock closed at 1,401.60, up 13.95% from the issue price. CAMS, which counts US private equity giant Warburg Pincus as its backer, now commands a market capitalisation of Rs 6,837.96 as against Rs 6,000 crore it sought in the IPO.
A few other companies have also listed on the main board of the stock exchanges this year. SBI Cards and Payment Services Ltd, which went public in March, had received a very strong response to its IPO but had a subdued listing. Speciality chemicals maker Rossari Biotech Ltd went public in July and its shares listed at a 58% premium to its IPO price.