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Omkar Speciality Chemicals nosedived by nearly 40 per cent from its issue price of Rs 98 in the early trade on the BSE on its debut today.
The scrip got listed 3.06 per cent lower than its issue price of Rs 95 apiece on the Bombay Stock Exchange. Within minutes of the opening bell, the scrip slipped by 39.79 per cent to hit an intra-day low of Rs 59.
Similarly on the National Stock Exchange, the shares debuted at 6.12 per cent discount at Rs 92 and plummeted by over 41 per cent in the first half-an-hour of trade.
Omkar Speciality had fixed its IPO issue price at Rs 98 — the upper end of the price band being quoted at Rs 95-98. It raised about Rs 79 crore from its initial public offer.
The company, which is mainly engaged in the manufacture and sale of speciality chemicals, plans to utilise the proceeds of the issue for setting up a new manufacturing facility at Badlapur in Maharashtra, besides expansion of the existing manufacturing facilities and meeting its working capital requirements.
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