Prasol Chemicals Debuts at Nearly 10% Discount to IPO Price

Mumbai: Prasol Chemicals Ltd, a speciality chemicals manufacturer, made a weak stock market debut on Wednesday, listing at a discount of nearly 10% to its IPO issue price of ₹676. The stock opened at ₹611 on the BSE (down 9.61%) and ₹610 on the NSE (down 9.76%), valuing the company at ₹3,746.31 crore.

The ₹500-crore IPO comprised ₹80 crore in fresh issue and ₹420 crore in offer for sale, with anchor investors subscribing ₹150 crore ahead of the public offering. The issue was subscribed 3.30 times despite the weak listing. Prasol plans to use fresh issue proceeds for debt repayment, working capital, and corporate purposes.

Prasol Chemicals, incorporated in 1992 and renamed in 2007, manufactures acetone-based and phosphorus-based speciality chemicals used in pharmaceuticals, agrochemicals, and personal care products.