Chemplast Sanmar IPO Day 3: Issue subscribed 2.56 times so far

The initial public offer (IPO) of speciality chemical manufacturer Chemplast Sanmar is subscribed 2.56 times on August 12 so far, the third and last day of the bidding process. Investors have put in bids for 8.65 crore equity shares against an offer size of almost 4 crore shares, as per the subscription data available on exchanges.

The reserved portion for retail investors has been subscribed 2.27 times, while that of non-institutional investors is subscribed 1.03 times. Qualified institutional buyers placed bids for 2.70 times the number of shares reserved for them till 4:30 pm.

The offer size has been reduced to 3.99 crore equity shares from 7.11 crore equity shares after the company raised Rs 1,732.5 crore from anchor investors at the higher end of the price band of Rs 530-541 per equity share.