The Equity Shares of Hindcon Chemicals Ltd, engaged in manufacturing wide range of chemical products, listed today at the NSE Emerge Platform. The script made a strong debut and surged 20 percent, post the listing. Stock opened at Rs 33.60 against the IPO price of Rs 28 a share.
The public issue which was open for subscription from 26 February to 28 February 2018 raised 7.73 Cr through offering 27, 60,000 Equity Shares of face value of Rs. 10 each for cash at price of Rs. 28 per Equity Share. The net proceeds from the IPO will be utilized for meeting working capital requirements, general corporate and issue expenses.
Mr. Sanjay Goenka, Managing Director and Promoter, Hindcon Chemicals Ltd said, “Having a company listed is significant milestone and we as a group are elated to have received such an overwhelming response to our maiden IPO. We thank all our investors and merchant banker for the support in making our IPO exceedingly successful”
The Lead Manager to the Issue Mr Gaurav Jain & Mr Prateek Jain, Directors, Hem Securities Ltd., said “We are delighted to have received such a prodigious investor response to Hindcon Chemicals IPO, which was attractively priced and pedantically marketed. The IPO received overwhelming response procuring subscription amount of over Rs 1022 crore as the issue overall subscribed 132.29 times. The HNI and Retail portion subscribed 154.85 and 124.18 times respectively. As a leading merchant banker in the SME IPO space, Hem Securities has been consistently acknowledged by BSE, NSE and independent agencies for our strong focus on fundamentally good quality companies that are poised for accelerated growth and long term wealth creation for the investors”
Hindcon Chemicals, incorporated in 1998, has been in the business of construction chemicals for the last 20 years. The Company has over 100 products in its portfolio with main foray into sodium silicate, waterproofing additives, plasticizers etc. The Company has its manufacturing facility located in Howrah which has an installed capacity of 30,000 MT per year. Company’s key product portfolio includes Protective waterproofing coatings, Sodium Silicates, Concrete & mortar admixtures, Epoxy grouts & mortars, Waterproofing compounds, Shot crete aids, Remover cleaning compounds, Sealants, Tile adhesives, among others.