Patel Chem Specialities IPO booked 18 times, Sellowrap Industries issue subscribed nearly 3 times on day 2

Patel Chem Specialities IPO

Pharmaceutical excipients and specialty chemicals maker Patel Chem Specialities' initial public offering saw a massive 17.96 times subscription, while automotive components provider Sellowrap Industries issue was subscribed nearly 2.88 times on the second day of bidding, i.e. July 28.

Both public issues opened on July 25 and the final day for their bidding will be July 29.

Patel Chem Specialities public issue has received healthy demand from investors, garnering bids for 9 crore shares compared to the offer size of 50.12 lakh shares via 23,924 applications.

Retail investors led the subscription numbers, bidding 30.26 times their reserved portion, followed by non-institutional investors, and qualified institutional buyers who subscribed 13.41 times and 1.01 times their allotted quotas, respectively.

Chemicals maker Patel Chem Specialities is raising Rs 58.8 crore via public issue of 70 lakh shares at the upper end of price band of Rs 82-84 per share. Of which, it has already mobilised Rs 16.69 crore via allotment of 19.87 lakh shares to 8 anchor investors including Bengal Finance, Meru Investment Fund, Zeal Global Opportunities Fund, Necta Bloom, and Belgrave Investment Fund.

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The company that valued at more than Rs 200 crore intends to utilise IPO proceeds for its capital expenditure, and the remainder for general corporate purposes

Meanwhile, investors have provided 1.04 crore shares bid for the Sellowrap Industries IPO compared to the offer size of 36.48 lakh shares via 2,357 applications.

Incorporated in 1983, Sellowrap that manufactures components for the automotive and white goods sectors aims to raise Rs 30.28 crore via IPO of 36.48 lakh shares at the upper price band.

The price band for the offer is Rs 79-83 per share.

The company is going to utilise IPO proceeds for purchase of plant & machinery, infrastructure development and other auxiliary equipments, working capital requirements, and general corporate purposes.

Cumulative Capital, and Unistone Capital are acting as the merchant bankers for the Patel Chem Specialities IPO, while the Sellowrap Industries IPO is managed by the book running lead manager Gretex Corporate Services.