Stocks

Chemcon public issue subscribed 150 times; CAMS 112 times

Our Bureau Mumbai | Updated on September 23, 2020 Published on September 23, 2020

Angel Broking’s offer sails through on Day 2; one more day to go

Three ongoing IPOs have gained strong traction with investors. The initial public offering of Computer Age Management Services (CAMS) was oversubscribed 112 times and Chemcon Speciality Chemicals by nearly 150 times, on the last day of the issue.

Angel Broking, whose public issue will close on Thursday, was subscribed by nearly 1.5 times till now.

Investors have moved their focus towards IPOs after the success of recent listings, including Rossari Biotech, Happiest Minds Technologies and Route Mobile. The share price of all these companies doubled on the listing day itself. However, more than 90 per cent of the investors who had subscribed to these IPOs in the non-anchor category exited on the first day of the listing .

“IPO fever is catching up with retail investors in India. If this continues for a few more months, it could revive the moribund primary markets,” said Arun Kejriwal, Director, Kejriwal Research.

Primary markets were virtually shut for the past several months as the stock markets crashed in March due to Covid.

Chemcon, a Vadodara-based chemicals company, plans to raise ₹318 crore through the IPO at a price band of ₹338-340;CAMS, in which promoter (the National Stock Exchange) will raise ₹2,242 crore, priced the IPO at ₹1,229-1,230.

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Published on September 23, 2020
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