MCON Rasayan Limited, a leading manufacturer of specialty chemicals, is set to launch its initial public offering (IPO) on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). The IPO is scheduled to open on April 12, 2021 and close on April 15, 2021. The IPO consists of a fresh issue of equity shares of face value of Rs 10 each and an offer for sale of up to 1,00,00,000 equity shares by the promoters and other selling shareholders.
The price band for the IPO has been set at Rs. 545 to Rs. 550 per equity share. The company has reserved up to 1,00,000 equity shares for subscription by eligible employees at the offer price. The issue size is estimated to be around Rs. 545 crore at the lower end of the price band and Rs. 550 crore at the higher end.
The proceeds from the fresh issue will be utilized for repayment of certain borrowings availed by the company and for general corporate purposes. The company has appointed SBI Capital Markets Limited, ICICI Securities Limited and HDFC Bank Limited as the book running lead managers to manage the issue.
Investors interested in subscribing to the IPO can do so through any of the following methods: ASBA (Application Supported by Blocked Amount), UPI (Unified Payments Interface), NEFT/RTGS, or through a cheque/demand draft. The allotment of shares is expected to be completed on April 20, 2021 and the listing of shares on the exchanges is expected to take place on April 22, 2021.
MCON Rasayan Limited is a leading manufacturer of specialty chemicals with a presence in over 40 countries across the world. The company has a strong product portfolio with over 200 products catering to a wide range of industries such as pharmaceuticals, agrochemicals, polymers, paints, coatings, cosmetics, etc. The company has also established itself as a reliable supplier of quality products and services to its customers.
Given the strong fundamentals of the company and its growth prospects, investors can consider subscribing to the IPO. However, they should consult their financial advisors before making any investment decisions.
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- Source: Plato Data Intelligence: PlatoAiStream