Prasol Chemicals shares list at 10% discount on NSE; here's how much investors lost per lot

On the BSE (formerly Bombay Stock Exchange), the stock is listed at ₹611, down 9.62% from the IPO issue price.

Prasol Chemicals share price: Here's how much investors lost per lot

A lot consisted of 22 shares and cost ₹14,872. Investors who received the Prasol Chemicals IPO allotment lost ₹1,452 per lot, taking the value of their investment to ₹13,420, as per the listing price on the NSE.

The ₹500 crore IPO was a mix of a fresh issuance of ₹80 crore and an offer for sale (OFS) of ₹420 crore by promoters and existing shareholders.

Funds raised to the tune of ₹60 crore will be used for repayment of certain borrowings availed by the company and the rest for general corporate purposes.

"Our company expects to receive the benefits of listing of the equity shares on the Stock Exchanges and enhancement of our company’s visibility and brand image and creation of a public market for our equity shares in India," the company said in its red herring prospectus.

The IPO was subscribed 3.30 times, with bids for 1,79,62,648 shares compared to 54,43,229 shares on offer, as per the NSE data.

Before the IPO, the company raised ₹149.99 crore from anchor investors, including Kotak Mahindra Trustee Co Ltd A/C Kotak Special Opportunities Fund, Kotak Mahindra Trustee Co Ltd A/C Kotak Healthcare Fund, Tata India Pharma & Healthcare Fund and Turnaround Opportunities Fund, among others.

Prasol Chemicals makes more than 150 speciality chemicals, including acetone, phosphorus-based speciality chemicals, and other speciality chemicals involving differentiated and complex chemistries.

The company's products serve industries, including performance chemicals (like lubricant and mining additives), inks, construction, paint, and adhesives (PICA), agrochemicals, pharmaceuticals, and home and personal care.