IPOs of CAMS, Chemcon Speciality Chemicals and Angel Broking Up for Grabs This Week
Representative photo. (Image: Reuters)
Initial public offerings of Computer Age Management Services (CAMS), Chemcon Speciality Chemicals and Angel Broking are scheduled to be released this week. The issues of CAMS and Chemcon Speciality Chemicals were out on September 21, while the IPO of Angel Broking is going to open on September 22.
Computer Age Management Services (CAMS), a technology-driven financial infrastructure and service provider, launched its public issue on Monday with a price band of Rs 1,229-1,230 per share. NSE Investments, the subsidiary of National Stock Exchange (NSE), offers 1,82,46,600 equity shares of CAMS.
Securities and Exchange Board of India (Sebi) had earlier asked NSE to relinquish its entire stake in CAMS held through its subsidiary NSE Investments.
The value of Chemcon Speciality Chemicals’ fresh issues is Rs 165 crore. Its offer for sale constitutes up to 45 lakh equity scrips. The company’s price band for the issue is Rs 338-340 per share. If the IPO is subscribed at the upper end of the price band, Chemcon Speciality Chemicals will receive Rs 318 crore.
On the other hand, Angel Broking is expecting to raise Rs 300 crore from fresh issuance of shares and another Rs 300 crore through offer for sale. The total will amount to Rs 600 crore. It has fixed a price band of Rs 305-306 for each share. The International Finance Corporation has decided to release its shares worth Rs 120 crore in the offer for sale.
Chemcon Speciality Chemicals is planning to use the amount received from the issuance of fresh shares to meet its capital expenditure. The company actually intends to expand its manufacturing facility and fund working capital requirement, among other purposes.
The fresh issues by the three companies are coming in the wake of Happiest Minds IPO being subscribed 8.4 times on its second day. Happiest Minds’ IPO opened on September 7 and it was up for grabs till September 9.
Those who were interested in subscribing to its IPO were required to purchase minimum 90 shares. It had set price band of Rs 165-166.