As a outcome, the scrip closed 20 per cent down at Rs 584.80 on the NSE in opposition to the record value of Rs 731.
The Rs 318-crore public provide of Chemcon Speciality was subscribed by a whopping 149 occasions late final month. The value vary for the provide was fastened at Rs 338-340 apiece.
Market analyst Sandip Sabharwal of
asksandipsabharwal.com instructed ETNOW, “There is very little room for investors on the table at this stage after the robust debut. I see little value at the current price.”
Rajnath Yadav, Research Analyst, Choice Broking mentioned, “Short term investors are recommended to take an exit from Chemcon and CAMS, as currently, they are trading in-line or premium to their peers.”
CAMS, which additionally made a good debut with 23 per cent positive aspects on Thursday in opposition to the problem value of Rs 1,230, closed 7.67 per cent decrease at Rs 1,401.60 in opposition to the record value of Rs 1,518.
Earlier, the IPO of CAMS was subscribed 47 occasions. The firm’s preliminary public provide was in a value vary of Rs 1,229-1,230 apiece.
CAMS is a technology-driven monetary infrastructure and companies supplier to mutual funds and different monetary establishments. Headquartered in Chennai, the corporate is co-owned by NSE Investments, Warburg Pincus, Faering Capital ACSYS Investments and HDFC Group.
Hemang Jani, Head – Equity Strategy, Broking & Distribution, Motilal Oswal Financial Services, mentioned, “One can hold CAMS for long term considering the business model and healthy financials. On the other hand, robust listing of Chemcon indicates that the prospects for chemical companies are bright due to shift of supply chain away from China.”