Neogen Chemicals lists at 17 per cent premium

Neogen Chemicals Limited has made a strong debut on BSE by getting listed with 16.7 per cent premium.

The IPO was subscribed 41.18 times. The issue was open for subscription from April 24 to 26, 2019. The price band for the issue was Rs. 212 to 215 per share.

On Wednesday, it got listed at Rs. 251 i.e. premium of 16.7 per cent. Within minutes the stock has hit intra-day upper circuit of 5 per cent and touched Rs 263.55, a huge upside of 22.6 per cent on the first day itself.

Neogen Chemicals is Navi Mumbai-based manufacturer engaged in manufacture of bromine based and lithium-based speciality chemicals in India. These chemicals have application across pharmaceutical intermediates, agrochemical intermediates, engineering fluids, electronic chemicals, polymer additives, water treatment chemicals, construction chemicals and flavours and fragrance.

Despite the volatility seen in the market, the investors who invested in this IPO got an opportunity to earn through listing gains.