The scrip of Neogen Chemicals made a robust debut on the bourses on Wednesday, zooming nearly 23 per cent at the close of trade over the issue price of Rs 215 per share.
The company’s shares closed at Rs 263.55, registering a sharp gain of 22.58 per cent over the issue price on the BSE. Earlier in the day, the scrip listed at Rs 251, up 16.74 per cent. At the NSE, shares zoomed 22.58 per cent to close at Rs 263.55.
In terms of volume, 2.88 lakh shares were traded on the BSE during the day, while over 13 lakh shares were traded on the NSE. The company’s market valuation was at Rs 614.98 crore on the BSE.
The Rs 132-crore initial public offering had received good response from investors as the issue was subscribed 41.14 times last month. The price range for the offer was fixed at Rs 212-215 per share.
Neogen Chemicals is a manufacturer of bromine-based and lithium-based speciality chemicals.