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Listed with its strong start in the stock market, Neogen Chemicals , 17% premium over the issue price

Neogen Chemicals has launched its strong stock market today, which is listed on 21 percent premium from its issue price



On April 24-26, the Neogen Chemicals IPO was open for subscription, whose price band was Rs 212-215 per share.

Neogen Chemicals has made its strong start in the stock market on Wednesday, which is at 17 percent more premium than its issue price. On the BSE, shares of Noon Chemicals opened at Rs 251 per share, which is 16.7 per cent higher than the issue price of Rs 215 per share. Intraday, the stock reached Rs 263.55 per share, which was 22.5% more than its issue price.

At 10.40 am, the stock price was trading 22.5 percent higher at Rs 263.55 per share, while the Sensex was down 0.66 percent at 38,023.45.

From 24th to 26th April, the noon chemicals IPO was open for subscription, the price band was 212-215 rupees per share.

On the last day of bidding, the IPO received a good response from investors and it was subscribed 41.14 times. After issuing an IPO, the promoter's shareholding will be 70 percent and the public shareholding will be 30 percent.

Brokerage firms made mixed recommendations on the company Anand Rathi recommended to 'subscribe', which was considering the potential for the company to grow profitable and command a better return ratio.

It states that "employing chemicals for 1,30,400 liters of organic chemicals, with the capacity utilization of 64 percent capacity, has an installed capacity. The capacity to meet the growing demand of the company is ~ 256,000 liters and 2,400 tonnes of organic and inorganic Of chemicals. "

While Choice Broking Research has recommended 'avoidance' for the IPO as it is valued at 47.8x P / E multiple, which is at premium from its 38.8x peer average.

The brokerage firm said that given its historical development profile, proposed expansion activities and evaluation of demand, we believe that this issue is based solely on price.

Depending on the product profile, there is no comparison between apple and apples between the company and its companions. Due to this issue size (around Rs 1,300 million) is less than Rs 2,500 crore, the shares will be listed in the "T" group, there will be some restrictions on price movements, it was added further.

For more information Best Top 10 Stock Advisory Company in Indore

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