Prasol Chemicals IPO Day 1: Subscribed 0.41x; Retail jumps 172%; NII bHNI surges 253%
- Prasol Chemicals IPO subscribed 0.41x on Day 1.
- Retail investors led demand at 0.68x, jumping 172% intraday.
- NII (bHNI) surged 253% to 0.60x.
- QIB demand remained flat at 0.00x.
- Issue closes on September 10, 2026.
*this image is generated using AI for illustrative purposes only.
Prasol Chemicals IPO closed on Day 3 with a total subscription of 3.29 times. Qualified Institutional Buyers (QIB) surged 387.8% intraday to 7.22x, driving the overall demand from 1.22x to 3.29x in the final hours. The issue opened on September 8, 2026, and concluded on September 10, 2026.
Subscription Status
The IPO witnessed a dramatic spike in demand during the final trading session. The total subscription jumped 169.7% from the morning update of 1.22x to the closing figure of 3.29x. This late-day rally was primarily fueled by institutional investors, with the QIB category accelerating sharply after 2:00 PM. The issue crossed the 3x threshold, signaling strong institutional interest.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 08-09-2026 | 0.00x | 0.60x | 0.16x | 0.68x | 0.41x |
| Day 2 | 09-09-2026 | 0.05x | 1.22x | 0.37x | 1.12x | 0.72x |
| Day 3 | 10-09-2026 | 7.22x | 3.03x | 1.16x | 1.69x | 3.29x |
Category-wise Breakdown
Qualified Institutional Buyers (QIB) emerged as the dominant force, subscribing 7.22 times by close. This represents a massive jump from 1.48x earlier in the day. Non-Institutional Investors in the big HNI (bHNI) segment also showed robust interest, closing at 3.03x. Retail participation stood at 1.69x, while the small HNI (sHNI) segment subscribed 1.16x. The Employee quota remained unsubscribed at 0x.
Intra-day Timeline
Subscription data for Day 1 as of 17:15 PM IST:
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.17x | 0.25x | 0.14x |
| 12:15 | 0.00x | 0.26x | 0.36x | 0.21x |
| 13:15 | 0.00x | 0.35x | 0.44x | 0.26x |
| 14:15 | 0.00x | 0.39x | 0.51x | 0.30x |
| 15:15 | 0.00x | 0.46x | 0.58x | 0.34x |
| 16:15 | 0.00x | 0.50x | 0.63x | 0.37x |
| 17:15 | 0.00x | 0.60x | 0.68x | 0.41x |
Offer Details
- Price Band: ₹643 - ₹676
- Issue Size: ₹14,146 - ₹500,000
- Min Bid Qty: 22 shares
- Open Date: 2026-09-08
- Close Date: 2026-09-10
About the Company
Prasol Chemicals Limited is a forward integrated manufacturer of acetone and phosphorous based specialty chemicals with over 33 years of experience. The company operates two manufacturing facilities in Maharashtra with an aggregate installed capacity of 98,644 metric tonnes per annum. It produces over 150 specialty chemical products across five key segments: performance chemicals, PICA (paints, inks, construction & adhesives), pharmaceuticals, agrochemicals, and home and personal care. Prasol serves over 1,600 customers globally and exports to 69 countries.
Financial Highlights
Revenue from operations grew from ₹876.57 million in Fiscal 2024 to ₹1,232.59 million in Fiscal 2026. Profit before tax increased from ₹33.51 million in Fiscal 2024 to ₹111.90 million in Fiscal 2026.
| Metric | Fiscal 2024 | Fiscal 2025 | Fiscal 2026 |
|---|---|---|---|
| Revenue from Operations (₹ million) | 876.57 | 1,012.49 | 1,232.59 |
| Profit Before Tax (₹ million) | 33.51 | 59.29 | 111.90 |
| Total Profit (₹ million) | 18.13 | 43.57 | 83.12 |
Objects of the Issue
- Repayment and/or pre-payment of certain borrowings: ₹60.00 crore
- General corporate purposes
Risk Factors
- Manufacturing Facility Dependency: The company relies on two facilities in Maharashtra, which have faced regulatory shutdowns by MPCB in the past.
- Hazardous Materials: Handling of hazardous raw materials poses safety risks, with past incidents including gas leakage and chemical exposure.
- Litigation: The company faces various legal proceedings, including statutory, criminal, and tax proceedings.
- Cash Flow Volatility: Net cash from operating activities has fluctuated significantly between fiscal years.
- Contingent Liabilities: Aggregate contingent liabilities were ₹1,091.22 million as of March 31, 2026.
What's Next
Allotment is scheduled for 2026-09-11, with listing expected on 2026-09-16.
Will the complete lack of QIB subscription on Day 1 signal institutional skepticism regarding Prasol Chemicals' regulatory risks and cash flow volatility?
How might the company's history of MPCB regulatory shutdowns and hazardous material incidents impact its listing price and long-term investor confidence?
Given the high contingent liabilities (24.33% of net worth), will the IPO proceeds be sufficient to stabilize the balance sheet without diluting future growth potential?
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