Prasol Chemicals IPO booked 56% so far on Day 2; check latest GMP

Fresh updates from the financial markets indicate that The initial public offering (IPO) of Prasol Chemicals Ltd. was subscribed 56 percent on the second day of bidding, with the offering receiving bids for 30,35,868 shares against 54,43,229 shares on offer as of 11:40 am on September 9, according to data from the NSE.

Retail market participants led the subscription, with their portion subscribed 91 percent. The non-institutional investor (NII) category was subscribed 46 percent, the exchange data revealed.

In the grey market, Prasol Chemicals shares were commanding a premium of nearly 1 percent over the upper end of the IPO price range on the morning of September 9, according to market-tracking platform InvestorGain.

Read Additionally: Glass Wall Systems IPO subscribed over 4x on Day 2 so far; GMP at 32%

Market participants must note that the grey market premiums are unofficial and based on market speculation. They do not guarantee stock-exchange debut upside or reflect the firm's fundamentals.

The Rs 500-crore mainboard IPO is a book-built offering comprising a fresh offering of 11.83 lakh shares aggregating to Rs 80 crore and an offer for sale (OFS) of 62.13 lakh shares worth Rs 420 crore. The price range has been set at Rs 643-676 per share.

The offering opened for subscription on September 8 and will stay open until September 10, 2026.

The firm proposes to use Rs 60 crore of the net proceeds towards repayment and pre-payment, in full or part, of certain borrowings. The balance proceeds will be used for general corporate purposes.

Prasol Chemicals noted an gain in total income to Rs 1,237.85 crore in FY26 from Rs 1,015.54 crore in FY25. Earnings after tax rose to Rs 83.12 crore in FY26 from Rs 43.57 crore a year earlier.

EBITDA additionally increased to Rs 139.32 crore in FY26, compared with Rs 87.77 crore in FY25.

The allotment of shares is anticipated to be finalised on September 11, 2026. The equity shares are proposed to be listed on both the NSE and BSE, with September 16, 2026, as the tentative stock-exchange debut date.

Retail market participants can bid for a minimum of one lot comprising 22 shares. At the upper end of the price range, the minimum investment required is Rs 14,872.

Dam Capital Advisors Ltd. is the book-running lead manager for the offering, while Kfin Technologies Ltd. is the registrar.

Incorporated in 1992, Prasol Chemicals operates in the speciality chemicals segment and manufactures more than 150 speciality chemical products.

Its portfolio includes 21 acetone-based chemicals, 53 phosphorus-based chemicals and 76 other speciality chemicals, spanning products such as surfactants, esters and acids.