Chemcon Speciality freezes at 20% lower circuit after stellar debut

The Rs 318 crore IPO had received robust response from the investors and was over-subscribed by 47 times

Shares of Chemcon Speciality Chemicals were frozen at 20 per cent lower circuit at Rs 584.80 on the BSE on Thursday after making a stellar debut at the bourses earlier in the day. The stock of the specialty chemicals company was listed at Rs 731, a 115 per cent premium against the issue price of Rs 340 per share on the BSE. It touched a high of Rs 743.80 intra-day on the exchange today.

However, eventually, the stock ended at the maximum permissible down limit of the day and closed 72 per cent higher against its issue price. A combined around