Prasol Chemicals shares open nearly 10% below IPO price
Business
Prasol Chemicals hit the stock market today, but things didn't go as planned: shares opened nearly 10% below its IPO price of ₹676, starting at ₹610 on NSE and ₹611 on BSE.
Even though the stock briefly climbed to ₹654.80, it couldn't reach its IPO price, signaling a softer start than expected.
Prasol Chemicals IPO oversubscribed 3.3 times
Interestingly, Prasol's ₹500 crore IPO was in high demand: QIBs subscribed 7.22 times and overall subscriptions reached 3.3 times.
The company plans to use the funds for paying off debt and boosting working capital.
Before listing, it also raised about ₹150 crore from anchor investors.