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Prasol Chemicals IPO opens with grey market premium near ₹55
Anchor investors have been allotted 22.19 lakh shares at ₹676 each, and the issue targets nearly 8% upside versus the upper IPO price band based on current grey market pricing.
Prasol Chemicals IPO has entered its first day of bidding on Tuesday, 8 September, with shares trading in the grey market at a premium of ₹55, which points to a potential listing gain of nearly 8% over the upper end of the IPO price band, according to LiveMint Markets.
The company raised nearly ₹150 crore from anchor investors ahead of the launch. A BSE circular cited in the report says Prasol Chemicals allotted 22.19 lakh equity shares to anchor investors at ₹676 per share, bringing total anchor allocation to ₹149.99 crore.
The ₹500 crore IPO will remain open until 10 September, with bidding slated to begin at 10 am on 8 September. Anchor investors listed include Aditya Birla Sun Life Insurance Company, Tata AIA Life Insurance Company, Turnaround Opportunities Fund, ITI Mutual Fund, Tata Mutual Fund, Edelweiss Mutual Fund, and Kotak Mahindra Mutual Fund.
Brokerages cited in the coverage have issued subscribe for long term ratings, including Anand Rathi, which said the company is seeking a P/E of 48x and described specialty chemicals demand as supported by factors such as long customer approval cycles, complex chemistry, and regulatory requirements. SBI Securities also backed the deal, citing revenue and profitability growth over the FY24 to FY26 period.