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Chemcon Speciality Chemicals IPO opens today: Should you subscribe?

Brokerages advise subscribing to the issue citing company's consistent financial performance, leading position in pharma chemicals globally, healthy balance sheet and improving outlook for the sector

September 21, 2020 / 02:31 PM IST

The Rs 318-crore public issue of Chemcon Speciality Chemicals, the specialised chemicals manufacturer, opens for subscription on September 21 with a price band at Rs 338-340 per share.

The public offer consists of a fresh issue of Rs 165 crore and an offer for sale of 45 lakh equity shares (Rs 153 crore at upper price band) by promoters Kamalkumar Rajendra Aggarwal and Naresh Vijaykumar Goyal.

The fresh issue proceeds will be utilised largely for expansion of manufacturing facility and working capital requirements.