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<ul><li>The shares listed on the bourses at ₹731, with an upside of 115% over the issue price band of ₹338 to ₹340.</li><li>However, the minutes after listing the shares of Chemcon lost nearly 15% of their value and was trading at ₹635.10 a piece at 10:05 am.</li><li>The company's total market cap rose to ₹2,341.07 crore at 10:05 am. </li></ul>The shares of specialised chemical products manufacturer, Chemcon Speciality Chemicals, had a bumper listing today. Nearly all brokerages had a “subscribe” call for Chemcon’s IPO, and the investors who subscribed to it back then are now being rewarded with hefty gains. The shares listed on the bourses at ₹731, with an upside of 115% over the issue price band of ₹338 to ₹340. However, within minutes after listing the shares of Chemcon lost nearly 15% of their value and was trading at ₹635.10 a piece at 10:05 am. <div type="image" title="Chemcon chart" msid="78420457" hostid="261"></div> Post the listing, the company's total market cap rose to ₹2,341.07 crore at 10:05 am. A total traded quantity of 6.20 lakh shares changed hands amounting to a turnover of ₹41.32 crore on BSE. The company will trade on BSE with the symbol of ‘CHEMCON’ on the Indian stock exchanges. The bumper listing was already on the cards! The IPO garnered a stellar response from investors and was oversubscribed nearly 149 times. It received bids for 976 million equity shares against the IPO size of over 6.5 million equity shares, as per the subscription data from the stock-exchanges. The company raised over ₹95.4 crore from several anchor investors, including IDBI Emerging Business Fund, ICICI Prudential Child Care Plan, IIFL Special Opportunities, HSBC Global Investment, Mirae Asset Health Care, Kuber India, Ashmore India, India Acorn, and Tata Multi-Asset Fund among others. The grey market premium had indicated listing gains of nearly 111% over the issue price band. And, there have been a lot of other reasons driving the bumper listing for this Vadodara-based company. According to <a href="https://www.nirmalbang.com/Upload/Chemcon-Sp.-Chemicals-Ltd---IPO-Note.pdf">the Nirmal Bang report</a> dated September 21, it also partly enjoys monopoly by being the only manufacturer of HMDS (hexamethyldisilazane amine) in India and the third-largest manufacturer worldwide in terms of production. HMDS is widely used in the manufacturing of antibiotics such as penicillin, cephalosporins, and other types of penicillin derivatives SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stock-movers-ril-pvr-bajaj-auto-inox-leisure-ongc-oil-india-and-more/articleshow/78420379.cms" data-type="tilCustomLink">Top stock movers — RIL, PVR, Bajaj Auto, INOX Leisure, ONGC, Oil India and more</a> <a href="https://www.businessinsider.in/science/space/news/isro-to-launch-venus-mission-in-2025/articleshow/78420140.cms" data-type="tilCustomLink">ISRO to carry first-ever French payload abroad Venus mission scheduled for 2025</a>

Chemcon makes a lot of money for its IPO investors — shares list at double the issue price

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Chemcon makes a lot of money for its IPO investors — shares list at double the issue price

Navdeep Yadav

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