Hindcon Chemicals Ltd IPO subscribes 132 times

The initial public offer (IPO) of Hindcon Chemicals Ltd, engaged in manufacturing wide range of chemical products, received overwhelming response on the last day procuring subscription amount of over Rs 1022 crore as the issue overall subscribed 132.29 times. The HNI and Retail portion subscribed 154.85 and 124.18 times respectively. The public issue which was open for subscription from 26 February to 28 February 2018 at the NSE Emerge platform raised 7.73 Cr through offering 27, 60,000 Equity Shares of face value of Rs. 10 each for cash at price of Rs. 28 per Equity Share. The net proceeds from the IPO will be utilized for meeting working capital requirements, general corporate and issue expenses.

Hindcon Chemicals, incorporated in 1998, has been in the business of construction chemicals for the last 20 years. The Company has over 100 products in its portfolio with main foray into sodium silicate, waterproofing additives, plasticizers etc. The Company has its manufacturing facility located in Howrah which has an installed capacity of 30,000 MT per year. Company’s key product portfolio includes Protective waterproofing coatings, Sodium Silicates, Concrete & mortar admixtures, Epoxy grouts & mortars, Waterproofing compounds, Shot crete aids, Remover cleaning compounds, Sealants, Tile adhesives, among others.

The total revenue of the Company for the half year ended on September 30, 2017 stood at Rs. 1812.55 lakhs, for F.Y. 2016-17 – Rs. 3424.97 lakhs, for F.Y. 2015-16 - Rs. 3345.37 lakhs, and for F.Y. 2014-15 Rs. 3496.44 lakhs. Further, the Company’s Profit after tax for the half year ended on September 30, 2017 stood at Rs. 218.87 lakhs, for F.Y. 2016-17 – Rs. 205.95 lakhs, for F.Y. 2015-16 - Rs. 86.20 lakhs and for F.Y. 2014-15 Rs. 34.48 lakhs.

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