"Though the valuations looks expensive on P/E multiple, we expect these to moderate in future on account of lower finance cost in future as the issue proceeds will be utilised for debt reduction," Chola Securities said.
The initial public offer of speciality chemicals company Anupam Rasayan India was subscribed 3.64 times on the second day of subscription on Monday. The Rs 760-crore issue received bids for 3,53,30,067 shares against 97,01,809 shares on offer, as per NSE data. The portion for qualified institutional buyers (QIBs) was subscribed 37 per cent, non-institutional investors 1.39 times and retail individual investors (RIIs) 6.60 times. The price range for the offer, which started on Friday, has been fixed at Rs 553- 555 per share. Anupam Rasayan had on Wednesday raised Rs 225 crore from anchor investors. The initial public offer (IPO) is an entirely fresh issuance of equity shares and proceeds of the issue would be mainly used to pay the debt.
Anupam Rasayan IPO day 2: Issue subscribed 1 9 times, HNI portion booked 15% msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.