JG Chemicals makes muted market debut; shares decline over 5% in opening deals
New Delhi: Shares of JG Chemicals Ltd on Wednesday were listed with a discount of over 5 per cent against the issue price of Rs 221.
The stock made its debut at Rs 211, lower by 4.52 per cent, from the issue price on the BSE. Later, it tanked 11.26 per cent to Rs 196.10.
At the NSE, shares of the company are listed at Rs 209 with a discount of 5.42 per cent.
The company’s market valuation stood at Rs 772.16 crore.
In the broader equity market, the 30-share BSE Sensex traded marginally higher by 17.24 points at 73,685.20, while the Nifty quoted 33.80 points lower at 22,303.50.
The Initial Public Offer (IPO) of JG Chemicals was subscribed 27.78 times on the final day of bidding on Thursday.
The Rs 251.2 crore IPO was in a price range of Rs 210-221 a share.
The zinc oxide manufacturer’s initial public offer had a fresh issue of up to Rs 165 crore shares and an offer for sale of up to 39 lakh equity.
The Kolkata-based firm is India’s largest zinc oxide manufacturer in terms of production and revenue. It sells over 80 grades of zinc oxide and is among the top 10 manufacturers of zinc oxides globally.
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