Specialty chemicals company Biopol Chemicals, and manpower solutions provider PAN HR Solution's initial public offerings have garnered healthy interest from investors, subscribing 21.22 times, and 9.51 times, respectively, on February 10, the final day of bidding.
Both companies will finalise their IPO share allotment by February 11, while their equity shares will be available for trading on the NSE Emerge and BSE SME, respectively, with effect from February 13.
The initial public offering (IPO) of West Bengal-based Biopol Chemicals has received bids for 6.14 crore equity shares during February 6-10 against offer size of 28.94 lakh shares via 12,276 applications.
The demand was strong from across categories of investors with non-institutional investors bidding 24.62 times their allotted quota, while the parts set aside for qualified institutional buyers, and retail investors were subscribed 21.05 times, and 20.8 times, respectively.
Biopol Chemicals that manufactures specialty chemicals under the categories of silicones, emulsifiers, biochemicals and polyelectrolytes for textiles, home care, agriculture, and industrial chemicals is raising Rs 31.26 crore via IPO. The price band for the offer is Rs 102-108 per share.
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The company that operates on a business-to-business (B2B) model, catering to institutional clients will spend Rs 12.3 crore of IPO proceeds for acquisition of industrial land, Rs 11.1 crore for repaying debt, and the remainder funds for general corporate purposes.
Meanwhile, the maiden public issue of PAN HR Solution has attracted 1.56 crore shares bid in three days against the offer size of 16.46 lakh shares via 2,511 applications.
Non-institutional investors were at the forefront to support the IPO, bidding 11.25 times their reserved portion, followed by retail and qualified institutional buyers whose parts were booked 9.4 times, and 6.57 times, respectively.
The company hit capital markets on February 6 to raise Rs 17.03 crore via initial share sale of 21.84 lakh shares at the upper end of price band of Rs 74-78 per share. The IPO is a combination of fresh issue of 18 lakh shares, and an offer-for-sale of 3.84 lakh shares by promoter.
Noida-based PAN HR Solution will utilise fresh issue proceeds for its working capital requirements, and general corporate purposes.
Smart Horizon Capital Advisors acted as the merchant banker for the Biopol Chemicals IPO, while the book running lead manager for PAN HR Solution IPO is Marwadi Chandarana Intermediaries Brokers.
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