Muted Market Debut: JG Chemicals shares decline over 5% in opening deals

JG Chemicals Listing NSE, BSE: Shares of JG Chemicals, which  Ltd on Wednesday listed with a discount of over 5 per cent on the National Stock Exchange (NSE) against the issue price of Rs 221. At the NSE, shares of the company got listed at Rs 209 with a discount of 5.42 per cent. On the BSE, the stock made its debut at Rs 211, at a discount of 4.52 per cent from the issue price. 

Soon after listing, the shares of zinc oxide manufacturer JG Chemicals tanked 11.26 per cent to Rs 196.10.

The company's market valuation stood at Rs 772.16 crore.

The Initial Public Offer (IPO) of JG Chemicals was subscribed 27.78 times on the final day of bidding on Thursday.

The Rs 251.2 crore IPO was in a price range of Rs 210-221 a share.

The zinc oxide manufacturer's initial public offer had a fresh issue of up to Rs 165 crore shares and an offer for sale of up to 39 lakh equity.

The Kolkata-based firm is India's largest zinc oxide manufacturer in terms of production and revenue. It sells over 80 grades of zinc oxide and is among the top 10 manufacturers of zinc oxides globally.

With PTI inputs