Prasol Chemicals IPO Day 2: Subscribed 0.59x; NII bHNI jumps 19.8%
- Prasol Chemicals IPO subscribed 0.59x on Day 2
- NII (bHNI) jumped 19.8% to 0.97x; Retail at 0.97x
- QIB participation remains at 0.00x
- Issue closes on 2026-09-10; listing on 2026-09-16
*this image is generated using AI for illustrative purposes only.
Prasol Chemicals IPO subscription ticked up to 0.59x on Day 2, with NII (bHNI) and Retail categories leading the demand. QIB interest remained flat at 0x as the issue closes on September 10, 2026.
Subscription Status
The issue saw moderate momentum on the second day of subscription. The total subscription moved from 0.41x on Day 1 to 0.59x on Day 2. The Non-Institutional Individual Investors (NII) category, specifically the bHNI segment, showed the strongest relative growth, jumping 19.8% intra-day.
| 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 | 0.00x | 0.97x | 0.27x | 0.97x | 0.59x |
Category-wise Breakdown
Qualified Institutional Buyers (QIB): Demand stood at 0.00x, showing no change from Day 1.
Non-Institutional Buyers (NII):
- bHNI: Subscribed at 0.97x, up from 0.60x on Day 1. This category saw the most significant intra-day movement.
- sHNI: Subscribed at 0.27x, an increase from 0.16x on Day 1.
Retail: Retail investors subscribed at 0.97x, rising from 0.68x on Day 1.
Employees: Subscription stood at 0.00x.
Intra-day Timeline
Demand picked up pace during the trading hours of Day 2. The total subscription increased from 0.52x at 11:15 AM to 0.59x by 1:15 PM.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.81x | 0.86x | 0.52x |
| 12:15 | 0.00x | 0.91x | 0.92x | 0.56x |
| 13:15 | 0.00x | 0.97x | 0.97x | 0.59x |
Momentum highlights for the day showed NII (bHNI) jumping +19.8% (from 0.81x to 0.97x) and Retail jumping +12.8% (from 0.86x to 0.97x). The total subscription jumped +13.5% (from 0.52x to 0.59x).
Offer Details
- Price Band: ₹643.00000 - ₹676.00000
- Issue Size: 14146 - 500000
- Min Bid Qty: 22
- Open Date: 2026-09-08
- Close Date: 2026-09-10
What's Next
The IPO closes on 2026-09-10. Allotment is scheduled for 2026-09-11, and listing is expected on 2026-09-16.
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
| Metric | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|
| Revenue from Operations (₹ crores) | 1232.59 | 1012.49 | 876.57 |
| Total Profit (₹ crores) | 83.12 | 43.57 | 18.13 |
| Total Assets (₹ crores) | 839.28 | 723.09 | 626.36 |
Objects of the Issue
- Repayment and/or pre-payment of certain borrowings: ₹60.00 crores
- General corporate purposes
Risk Factors
- Manufacturing Facility Dependency and Regulatory Shutdowns
- Hazardous Materials and Safety Incidents
- Outstanding Litigation and Legal Proceedings
- Significant Cash Flow Volatility
- Substantial Contingent Liabilities
Will the lack of QIB interest signal potential listing price volatility or a lack of institutional confidence in Prasol Chemicals' growth trajectory?
How might the heavy reliance on bHNI and Retail investors impact the stock's liquidity and trading volume in the initial weeks post-listing?
Given the company's significant cash flow volatility and contingent liabilities, what specific operational improvements are investors expecting to justify the current valuation?
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