Chemcon Speciality Chemicals garners Rs 95 crore from 13 anchor investors ahead of IPO

IDFC AMC, Tata AMC and ICICI Prudential also participated in the anchor book bidding

Speciality chemicals manufacturer Chemcon Speciality Chemicals has raised Rs 95.4 crore from 13 anchor investors on September 18 ahead of its public issue opening next week.

"The IPO committee of the company, in consultation with merchant bankers, has finalised allocation of 28,05,880 equity shares to anchor investors at Rs 340 per share, at the higher end of the price band," the company said in a circular filed with the exchanges.

These 13 anchor investors included some prominent names like Abakkus Emerging Opportunities Fund, HSBC Global Investment Funds, Mirae AMC, Kuber India Fund, Ashmore India Opportunities Fund, India Acorn Fund and Aurigin Master Fund. IDFC AMC, Tata AMC, ICICI Prudential also participated in the anchor book.

The initial public offering of the only manufacturer of HMDS in India will open for subscription on September 21 and will close on September 23. The IPO price band has been fixed at Rs 338–340 per equity share.

The company proposes to raise Rs 318 crore via the IPO, which consists of a fresh issue of Rs 165 crore and offer for sale of 45 lakh equity equity shares by promoters.

The speciality chemicals maker will utilise the issue proceeds towards expansion of manufacturing facility, working capital requirement and general corporate purposes.

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