 "Chemcon, CAMS gain on trading debut, continuing listing day trend")
Shares of Chemcon Speciality Chemicals and Computer Age Management Services (CAMS) surged during their trading debut on Thursday. Chemcon gained as much as 143 per cent to Rs 743.8 over its issue price of Rs 306 per share. The stock, however, came off more than 20 per cent from the highs to end at Rs 585, still logging a gain of 91 per cent on the first day.
At the same time, shares of CAMS ended at Rs 1,401.6, with a gain of 14 per cent over its issue price of Rs 1,230. The stock touched an intra-day high of Rs 1,550 on the BSE, on which it got listed.
Both Chemcon and CAMS kept the streak of good listing day performances — seen over the past one month — alive. Prior to this, three new listings — those of Route Mobile, Happiest Minds, and Rossari Biotech — had generated stellar returns for investors.
Chemcon’s Rs 318-crore offering was subscribed nearly 150x, while the Rs 2,244-crore IPO of CAMS was subscribed around 47x.
CAMS is the country's leading mutual fund registrar and transfer agency. It provides back-end support to India’s Rs 27-trillion MF industry. Chemcon is a manufacturer of pharmaceutical chemicals.
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