Prasol Chemicals Ltd. made its debut on the BSE on Wednesday (September 16) at a discount of around 7.80% against the issue price of ₹676. The stock was listed at ₹611 on BSE, representing a 9.62% discount, though it has since slipped to ₹623.25 as of 10:25 IST, according to Business Standard. The stock has hit a high of ₹600.50 and a low of ₹630.52 during trading, with over 1.57 lakh shares traded on the BSE. The listing values the company at ₹3,616.11 crore market capitalisation on BSE. This performance aligns with earlier grey market trading expectations, which had indicated a negative grey market premium (GMP) of ₹13, suggesting an estimated listing price of ₹663 and implying a 1.92% listing loss against the upper price band. Investors who received the IPO allotment lost ₹1,452 per lot, taking the value of their investment to ₹13,420 at the NSE listing price.
The ₹500-crore IPO of speciality chemicals manufacturer Prasol Chemicals Ltd. achieved a 3.30 times subscription during the September 8-10 subscription period, as reported by The Economic Times. The final subscription status shows the public issue received bids for 1,79,62,648 shares against 54,43,229 offered. The category-wise subscription breakdown includes Qualified Institutional Buyers (QIB) at 7.22 times, Non-Institutional Investors (NII) at 1.80 times, and Retail Investors at 1.70 times. The company had fixed the price band at ₹643-676 per equity share, with retail investors required to bid for a minimum lot size of 22 shares, translating to a minimum investment of ₹14,872 at the upper end of the price band. The issue comprised 73,96,437 shares with allocation structure: 50% (36,98,218 shares) to QIBs, 15% (11,09,466 shares) to NIIs, and 35% (25,88,753 shares) to retail investors.
The public offer comprised a fresh issue of 11.83 lakh shares worth ₹80 crore and an Offer For Sale (OFS) of shares worth up to ₹420 crore by existing selling shareholders, as reported by The Economic Times. The company plans to use the proceeds from the fresh issue towards debt repayment and pre-payment of certain borrowings worth ₹60 crore in full or part, with the remaining amount for general corporate purposes. Prasol Chemicals was originally incorporated as Prachi Poly Products Pvt Ltd. in 1992, changed its name to Prasol Chemicals in 2007 and subsequently became a public company again in 2022. The remaining proceeds will be utilised towards General Corporate Purposes (₹16.39 crore) and Issue Expenses (₹21.95 crore), with the total estimated utilisation of the Issue proceeds at ₹98.34 crore.
According to The Economic Times, Prasol Chemicals operates manufacturing facilities at Khopoli and Mahad with a combined annual capacity of 98,644 MT. As of July 31, 2026, Prasol served 1,600 customers and exported to 69 countries. Its key customers include Alembic Pharmaceuticals, Lubrizol India, Rossari Biotech, Clean Science, Gharda Chemicals, Croda India, Supriya Lifescience, and Yasho Industries. The company is a 3-Star Export House recognized by the Government of India and has a strong global distribution network across APAC, North and South America, and Europe. Prasol Chemicals manufactures over 150 speciality chemicals, including 21 acetone-based chemicals, 53 phosphorous-based chemicals, and 76 other speciality chemicals such as surfactants, esters, and acids. These products serve 5 major industries including performance chemicals, paint and inks, construction and adhesives, pharmaceuticals, and agrochemicals. In FY26, acetone-based specialty chemicals contributed 42.75% of revenue, phosphorus-based specialty chemicals 38.30%, and other specialty chemicals 18.33%.
Ahead of the IPO opening, Prasol Chemicals mobilised nearly ₹150 crore from anchor investors on September 7. According to data from CNBC TV18, the company allotted 22.19 lakh equity shares to anchor investors at ₹676 per share, with the total value of allocation standing at ₹149.99 crore. The anchor investors included Aditya Birla Sun Life Insurance Company, Tata AIA Life Insurance Company, Turnaround Opportunities Fund, ITI Mutual Fund, Tata Mutual Fund, Edelweiss Mutual Fund and Kotak Mahindra Mutual Fund. Of the total anchor allocation, more than 10 lakh shares or 45.34% were allotted to domestic mutual funds through eight schemes. DAM Capital Advisors Ltd. served as the book-running lead manager for the issue, while KFin Technologies Ltd. acted as the registrar. Half of the anchor shares are subject to a 30-day lock-in period ending October 11, 2026, while the remaining shares have a 90-day lock-in period ending December 10, 2026.
