MUMBAI: The rush for IPOs from fundamentally good companies continued on Dalal Street, despite weak market conditions over the last two days. One of the two offers that closed on Wednesday was among the most subscribed ones in the last five years, while the other generated demand worth over Rs 77,000 crore. Another IPO is slotted to close on Thursday, while two more will open next week.
With a subscription of 149 times, Chemcon Specialty Chemicals’ IPO, that closed on Wednesday, is the year’s second-most subscribed offer, after Happiest Minds’ subscription of 151 times. Chemcon’s Rs 318-crore IPO is also the sixth-most subscribed offer in the last five years, data showed. The IPO for the pharmaceutical-grade speciality chemicals manufacturer generated a book size of Rs 33,200 crore. In the run-up to the offer, Chemcon had mobilised nearly Rs 100 crore from anchor investors. The retail portion was subscribed over 40 times, the non-institutional portion 451 times and the institutional portion 113 times.
Meanwhile, the Rs 2,242-crore IPO for CAMS, which also closed on Wednesday, was subscribed 47 times with a book size of Rs 74,037 crore. The Chennai-based company, which is India’s largest registrar & transfer agent of mutual funds, had raised nearly Rs 667 crore from anchor investors a day before the IPO that had opened on Monday.
In the CAMS IPO, the retail portion was subscribed 5.4 times, the institutional portion 73 times and the non-institutional portion 112 times.
The IPO for Angel Broking, already fully subscribed on its second day, will conclude on Thursday. Offers for UTI Mutual Fund and Mazagon Dock Shipbuilders are scheduled to open next week, merchant bankers said.

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