Chemcon Enjoys 75% Gray Market Premium, CAMS 28%, Angel 16%

The Rs 318 crore Chemcon Speciality Chemicals, the smallest among the three IPOs hitting the market this week, has been a big draw among grey market investors, and the stock is enjoying a premium of 75 per cent. The Rs 2,242 crore CAMS, FY21's biggest initial public offering (IPO) so far, is seeing its shares trade at 28 per cent premium.

The premium on Angel Broking's unlisted shares has dropped to 16 per cent from 25 per cent earlier. Grey market traders said this may change, as Angel's IPO will hit the market on Tuesday, a day after the issues of Chemcon and CAMS.

While the grey market premium of Chemcon stood at Rs 250-255, CAMS’s is at Rs 342-345 and Angel Broking’s at Rs 40-50.

On Monday, the two offerings CAMS (Rs 2,242 crore) and Chemcon Speciality Chemicals (Rs 318 crore) will hit the market. Dinesh Gupta of Unlisted Zone said the grey market premium stood at Rs 342 for CAMS and Rs 250 for Chemcon. Sandip Ginodia of Abishek Securities pegged them at Rs 345 for CAMS and Rs 255 for Chemcon, which in percentage terms stood at 28 per cent and 16 per cent, respectively.

In case of Angel Broking, the grey market premium has come down to Rs 50-55 from Rs 55-77 on Friday, the day the company announced the issue. Brokerages dealing in unlisted shares felt that Angel's price band at Rs 25-30 was higher than the grey market expectations.

In the case of CAMS, the price band has been fixed at Rs 1,229-1,230 and prospective retail investors need to invest a minimum of Rs 14,800 for one lot of 12 shares or in multiples thereof. Retail investors can bid for a maximum of 13 lots.

On the block are 1,82,46,600 shares by NSE Investments, which will offload 37.4 per cent stake, following a February 4 Sebi directive to NSE to exit the company completely. The quota for retail investors in CAMS IPO has been fixed at 35 per cent of the net offer. The QIB quota is fixed at 50 per cent and the NII quota at 15 per cent. There is an employee reservation of up to 1,82,500 shares.

Vadodara-based Chemcon Speciality Chemicals, which serves pharma and oil well industries, is offering a fresh issue of equity shares aggregating up to Rs 165 crore and offer for sale of up to 45,00,000 equity shares, to be sold in the price range of Rs 338-Rs 340.

Angel Broking aims to raise Rs 300 crore by issuing fresh shares and another Rs 300 crore via offer for sale (OFS) by existing shareholders, including International Finance Corporation (IFC), a World Bank arm.

Sandip Ginodia , CEO

ALTIUS INVESTECH PVT LTD

We deal in over 60 unlisted companies with 15 years of experience

For latest prices visit : www.abhisheksecurities.com/unlisted.htm / call : 09830271248 .

Email : ginodiasandip1@gmail.com

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