Shares of Shivam Chemicals made a positive start on its market debut on April 30 after listing at Rs 48. That's a premium of 9 percent over the issue price of Rs 44 on the BSE SME platform.
The listing gains top grey market estimates, where shares were commanding a premium of over 4 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day.
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Over the course of three days from April 22-25, the Rs 20.18-crore public offer received a healthy subscription as investors subscribed to the issue 6.61 times. The retail investors showed maximum interest after purchasing 8.88 times their allotted quota. Non-institutional investors bought 4.33 times the reserved portion.
Incorporated in October 2010, the company specialises in the production of Hydrated Lime (Calcium Hydroxide) and the distribution of various products, including poultry feed supplement, di-calcium phosphate (Feed Grade), magnesium oxide, limestone powder, and more.
Shivam Chemicals intends to employ the net proceeds for various purposes, including meeting working capital needs, supporting the subsidiary's working capital requirements, and addressing general corporate requirements. This allocation of funds aims to bolster operational efficiency and facilitate growth initiatives across the organisation.
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