Shree Pushkar Chemicals and Fertilizers Lists on Muted Note

Shree Pushkar Chemicals and Fertilizers shares listed on a muted note on Thursday. The stock opened at Rs 60.05 on the National Stock Exchange which was at a discount of 7.6 per cent to its issue price of Rs 65.

The shares ended at Rs 63.05 on Thursday. Shree Pushkar Chemicals raised Rs 70 crore from its IPO. Shree Pushkar Chemicals shares were subscribed 1.34 times of which 0.97 times was subscribed by the qualified institutional buyers. The proceeds from the IPO will be utilised for expansion plans, general corporate purposes and to meet the preliminary and pre-operative and issue expenses. Punit Makharia, CMD of Shree Pushkar Chemicals told NDTV that Shree Pushkar Chemicals is the largest manufacturer of K-Acid and is in business of manufacturing dye intermediate.

Mr Makharia, says that the proceeds from the IPO will be used for capital expenditure for future growth of the company and nothing will be spent on financing debt. Commenting on business model he said that the company is debt free and is highly cash rich.

Mr Makharia added that for marketing of their final finished product, Shree Pushkar Chemicals has tied up with a multinational firm Huntsman Textile Effects.