Omkar Speciality disappoints on debut, plunges 40 pc on BSE
Making a disastrous debut on the bourses, Omkar Speciality Chemicals nosedived by nearly 40% from its issue price of Rs 98 on BSE.
By PTI |
MUMBAI: Making a disastrous debut on the bourses, Omkar Speciality Chemicals nosedived by nearly 40 per cent from its issue price of Rs 98 in early trade on the BSE today.
Shares of Omkar Speciality Chemicals listed 3.06 per cent lower than their issue price of Rs 95 apiece on the Bombay Stock Exchange. Within minutes of the opening bell, the scrip slipped by a whopping 39.79 per cent to hit an intra-day low of Rs 59.
In a similar fashion, shares of the company debuted at a 6.12 per cent discount at Rs 92 on the National Stock Exchange and plummeted by over 41 per cent in the first half hour of trade.
Omkar Speciality Chemicals had fixed the issue price for its IPO at Rs 98 -- the upper end of the price band of Rs 95 to 98. The company raised about Rs 79 crore from its initial public offer (IPO).
The company, which is mainly engaged in the manufacture and sale of specialty chemicals, plans to utilise the proceeds of the issue for setting up a new manufacturing facility at Badlapur in Maharashtra, besides expansion of existing manufacturing facilities and meeting working capital requirements.
Meanwhile, the BSE benchmark Sensex was down 93.40 points from its previous close at 0933 hours today, at 17,499.37.
Shares of Omkar Speciality Chemicals listed 3.06 per cent lower than their issue price of Rs 95 apiece on the Bombay Stock Exchange. Within minutes of the opening bell, the scrip slipped by a whopping 39.79 per cent to hit an intra-day low of Rs 59.
In a similar fashion, shares of the company debuted at a 6.12 per cent discount at Rs 92 on the National Stock Exchange and plummeted by over 41 per cent in the first half hour of trade.
Omkar Speciality Chemicals had fixed the issue price for its IPO at Rs 98 -- the upper end of the price band of Rs 95 to 98. The company raised about Rs 79 crore from its initial public offer (IPO).
The company, which is mainly engaged in the manufacture and sale of specialty chemicals, plans to utilise the proceeds of the issue for setting up a new manufacturing facility at Badlapur in Maharashtra, besides expansion of existing manufacturing facilities and meeting working capital requirements.
Meanwhile, the BSE benchmark Sensex was down 93.40 points from its previous close at 0933 hours today, at 17,499.37.
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