Aptus Value Housing, Chemplast Sanmar make weak market debuts

Aptus Value Housing Finance India Ltd and speciality chemical maker Chemplast Sanmar Ltd made weak debuts on the stock exchanges on Tuesday with their shares listing at a discount of 3-7% to their respective offer price. Shares of Chennai-based Aptus Value Housing, which is backed by a bunch of venture capital and private equity investors, began trading at Rs 329.95 apiece on the BSE compared with an initial public offering (IPO) price of Rs 353 per share. The stock touched a high of Rs 354.60 and a low of Rs 329.95 during the trading session. The BSE benchmark index was 0.73% higher in late afternoon trade on Tuesday.

The weak debut follows an IPO that was subscribed 17.2 times, led by institutional and non-institutional investors. The IPO comprised a fresh issue of shares worth Rs 500 crore and 64.59 million shares in secondary offering from a bunch of sellers. Meanwhile, shares of Chennai-based Chemplast Sanmar began trading at Rs 525 apiece on the BSE compared with the IPO price of Rs 541.

The stock touched a high of Rs 550 and a low of Rs 510.30 during the trading session. The Chemplast IPO comprised a fresh issue of shares worth Rs 1,300 crore and a secondary market sale of shares worth Rs 2,550 crore.The IPO had sailed through on the final day of the issue Aptus Value and Chemplast have become the 36th and 37th companies to list on the stock exchanges in 2021, a hectic year for public market listing.

These companies have mobilisedover Rs 60,000 crore, as per estimates. An additional two dozen companies have filed for IPOs and aim to go public this year or early 2022 to benefit from excess liquidity in the market. While benchmark indices and frontline stocks touch new highs virtually each day, frothy valuations and partial loss of risk appetite have resulted in a 5-10% correction in mid- and small-cap stocks—agauge for activity in broader markets.