JG Chemicals Shares End At 16.45% Discount To IPO Price
The Rs 251.2-crore IPO was subscribed 27.78 times on its third and final day.
Shares of JG Chemicals Ltd. listed on the NSE on Wednesday at Rs 209 apiece, a discount of 5.43% to its IPO price of Rs 221 apiece.
On the BSE, the stock debuted at Rs 211, a 4.52% discount to its IPO price.
The shares ended at a discount of 16.45% to the IPO price, and declined 12.49% from its listing price to end at Rs 184.65 apiece, on BSE.
The Rs 251.2-crore initial public offering was subscribed 27.78 times on its third and final day. Bids were led by institutional investors (32.09 times), followed by retail investors (17.44 times) and non-institutional investors (46.33 times)
Business
JG Chemicals is the largest zinc oxide manufacturer in terms of production and revenue, with a 30% market share. The company sells over 80 grades of zinc oxide and is among the top 10 manufacturers of zinc oxide globally.
The company's products cater to a wide spectrum of industrial applications, including rubber, ceramics, paints and coatings, pharmaceuticals and cosmetics, electronics and batteries, agrochemicals and fertilisers, and specialty chemicals.
Over the last three years, the company has sold products to over 200 domestic customers and over 50 global customers in more than 10 countries.
