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Chemkart India shares make flat D-Street debut, list at ₹250 on BSE
Chemkart India IPO listing was in-line with the grey market estimates. Ahead of the listing, the unlisted shares of Chemkart were trading at around ₹251, indicating a grey market premium (GMP) of ₹3 or around 1.2 per cent over the issue price, according to sources tracking unofficial market activity.
Chemkart India IPO details
Chemkart India IPO comprises a fresh issue of 2.6 million equity shares aggregating to ₹64.48 crore and an offer for sale (OFS) up to 0.63 million equity shares worth ₹15.6 crore.
The public offering was available for subscription from Monday, July 7, to Wednesday, July 9, at a price band of ₹236 to ₹248 per share and a lot size of 600 shares.
The public issue received a lacklustre demand from investors, getting oversubscribed by only 5.9 times by the end of the subscription period, showed the BSE data. The portion reserved for qualified institutional buyers (QIBs) was booked 13.69 times, followed by non-institutional investors quota at 5.64 times and retail investors portion was booked 1.63 times.
Chemkart India will not receive any proceeds from the OFS. According to the RHP, the company proposes to utilise the proceeds from the fresh offering for the setting up of the manufacturing facility through investment in the wholly owned subsidiary, Easy Raw Materials, and to repay debt. The remaining funds will be used for general corporate purposes.
About Chemkart India
Incorporated in 2020, Mumbai-based Chemkart India provides nutritional, health and sports supplement products. It offers products across mainly seven product categories, including Amino Acids, Health Supplement, Herbal Extract, Nucleotide, Protein, Sports Nutrition, and Vitamin. The company operates a facility for grinding, blending, and packaging services in Bhiwandi, Mumbai. Its product portfolio includes amino acid, health supplements, herbal extracts, nucleotide, protien, sports nutrition, and vitamins.
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