Deepak Chemtex Ltd Share Price – BSE

Chemicals, Small Cap

The scrip was listed at Rs 152, up 90% over the initial public offer (IPO) price. The stock was currently frozen in an upper limit of 5% over its listing price.

The counter hit a high of Rs 159.60 and a low of Rs 152. About 9.66 lakh shares of the company changed hands at the counter.

Deepak Chemtex's IPO was subscribed 268.05 times. The issue opened for bidding on 29 November 2023 and it closed on 1 December 2023. The price of the IPO was set at Rs 76 to 80 per share.

The IPO comprised fresh issue of 28,80,000 shares. The promoter and promoter shareholding diluted to 99.40% from 73.05% pre-IPO.

The company intends to utilize the net proceeds for funding capital expenditure towards installation of plant & machinery in existing premises, investment in subsidiary DCPL speciality chemicals for financing its capital expenditure towards installation of plant and machinery, funding to meet working capital requirements and general corporate Purpose.

Deepak Chemtex engaged in the business of manufacturing of colorants finding its application in food, drug, cosmetics, cleaning compounds, agriculture and other industries. The company manufactured a complete range of FD&C (food, drug and cosmetic) colours used in the confectionary, bakery, desserts, beverage, dairy products, seasoning, pet foods, pharmaceutical products, cosmetics & personal care products. It also manufacture salt free dyes used in inkjet industry, pond dyes used in ponds, lakes, swimming pools etc. and other colorants. As on 31 July 2023 the company has 88 full time employees.

The company recorded revenue from operations of Rs 21.74 crore and net profit of Rs 3.11 crore for the period as on 30 September 2023.

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