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Shares of speciality chemicals company Anupam Rasayan India made a weak market debut on Wednesday, falling over 6 per cent, against its issue price of Rs 555.
It listed at Rs 534.70, a discount of 3.65 per cent from the issue price on BSE. Later, as the trade progressed, it tumbled 9.7 per cent to Rs 501.15.
On NSE, it debuted at Rs 520, a decline of 6.30 per cent from the issue price.
The initial public offer of Anupam Rasayan India was subscribed 44.06 times earlier this month.
Price range for the offer was at Rs 553-555 per share.
Anupam Rasayan commenced operations in 1984 with conventional products and now it makes speciality chemicals that involves multi-step synthesis and complex chemistries.
The company mainly caters to the agrochemical, personal care and pharmaceutical sectors, which accounted for over 95 per cent of its revenues in 2019-20.
Its clients include Syngenta Asia Pacific, Sumitomo Chemical Company and UPL Ltd.
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