Angel Broking, Chemcon Speciality, Happiest Minds hit new lows since debut

Happiest Minds Technologies, too, was down 5 per cent to Rs 324 on the BSE, trading at its lowest level since listing on September 17, 2020
Shares of the three recently listed companies – Angel Broking, Chemcon Speciality Chemicals and Happiest Minds Technologies – hit their respective new lows since listing on the bourses in the intra-day deals on Friday.

Individually, Chemcon Speciality Chemicals slipped 5 per cent to Rs 398.65 on the BSE today. The stock of the speciality chemicals has slipped 46 per cent from its listing day's high of Rs 743.80 hit on October 1, 2020. The company had made a stellar debut and had listed at Rs 731, a 115 per cent premium against the issue price of Rs 340 per share on the BSE.

Chemcon Speciality Chemicals is a manufacturer of specialised chemicals, such as HMDS (hexamethyldisilazane) and CMIC (chloromethyl isopropyl carbonate), which are predominantly used in the pharmaceuticals industry. Further, the company also manufactures inorganic bromides namely Calcium Bromide, Zinc Bromide and Sodium Bromide, which are predominantly used as completion fluids in the oilfields industry. It is the only manufacturer of HMDS in India and is the third-largest manufacturer of HMDS worldwide in terms of production.

Shares of Angel Broking, on the other hand, were down 3 per cent to Rs 248.55, trading lower for the third straight day. With past three day's decline, the stock of the broking firm has tanked 19 per cent against the issue price of Rs 306 per share. The company had made a weak debut at the bourses on October 5 and whad listed at Rs 275, a 10 per cent discount against the issue price.

Antique Stock Broking, in IPO note, had said that the company had recently transformed from full-service retail broker to discount broker, presenting a unique dilemma - on the one hand, India's financialisation story has never been stronger and more durable, while on the other hand, the IPO pricing demands peak valuations at the time of whole new retail investors wave in the equity markets. "This forces us to focus more on the risks rather than opportunities and more on the valuation rather than its ability to capture customers at a rapid pace. Hence, despite being very constructive on India's financialisation theme, we believe that investors should wait for better price points," the brokerage had said.

Happiest Minds Technologies, too, was down 5 per cent to Rs 324 on the BSE, trading at its lowest level since listing on September 17, 2020. The company had made a stellar debut at the bourses as investor money more-than-doubled after the stock ended at Rs 371 on listing day, a 123 per cent higher against its issue price of Rs 166 per share. During the session, the stock had hit a high of Rs 395, up 138 per cent against the issue price.

Happiest Minds Technologies is a digital IT and product engineering service provider that positions itself as "Born Digital. Born Agile". The company focuses on delivering a seamless and end-to-end digital experience to customers. Its key service offerings include digital business, product engineering services, infrastructure management services and security.

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