Monday, October 13, 2008

Chemcel IPO stocks listed at 67.50% discount

Chemcel Biotech Limited IPO stock listed today at a huge discount of around 68%. An Agro Chemicals manufacturer's fixed price IPO was priced at Rs 16 and closed for subscription on September 12.

Chemcel stock opened at its issue price of Rs 16 and then keeps falling all day. At one point the stock went down to its day low of Rs 4.75. Later the stock recovered a little and finally closed at Rs 5.25, around -68% from its issue price.

Most of the experts told investors not to apply in this IPO. The grey market premiums were running at Rs 2 to Rs 3 just before its listing.