Agrochemical formulations company Crop Life Science has seen a tepid listing on August 30. The lower-than-expected response to the IPO and volatility in its earnings along with market consolidation might have impacted the stock price.
The stock price has been set at Rs 55.95 in the pre-opening session. It opened at Rs 53.15 and remained stuck at the same price throughout the session, which was 2.21 percent higher from the issue price of Rs 52, but locked in 5 percent lower circuit compared to the pre-opening price of Rs 55.95 on the NSE.
The stock is available in a trade-for-trade segment where the exchange sets 5 percent upper/lower circuit limit.
It traded with a volume of 5.16 lakh shares on the NSE.
The agriculture chemicals manufacturer has raised Rs 26.73 crore via the maiden public issue of 51.4 lakh shares which was completely a fresh issue.
Also read: Aeroflex Industries to list on August 31: Will it match grey market premium on debut?
The IPO proceeds will mainly be used for working capital requirements, besides general corporate purpose, and public issue expenses.
Crop Life Science is engaged in the business of manufacturing, distributing, and marketing agrochemical formulations. Agriculture chemicals consist of micro-fertilizers, insecticides, fungicides, herbicides and weedicides.
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