Prasol Chemicals IPO Day 3: Subscribed 3.29x; QIB jumps 387% intraday
- 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.
- Total subscription jumped 169.7% from 1.22x to 3.29x in the final session.
- Allotment is scheduled for September 11, 2026, with listing on September 16, 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 figures ticked up significantly after 11:15 AM on the final day, with a sharp acceleration post-2:00 PM. QIB jumped +387.8% today (from 1.48x to 7.22x), while NII (bHNI) jumped +113.4% today (from 1.42x to 3.03x). Retail jumped +34.1% today (from 1.26x to 1.69x). The total subscription rose +169.7% (from 1.22x to 3.29x).
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 1.48x | 1.42x | 1.26x | 1.22x |
| 12:15 | 1.48x | 1.50x | 1.32x | 1.26x |
| 13:15 | 1.48x | 1.62x | 1.39x | 1.31x |
| 14:15 | 5.15x | 1.73x | 1.44x | 2.41x |
| 15:15 | 5.63x | 2.04x | 1.51x | 2.63x |
| 16:15 | 7.22x | 2.97x | 1.64x | 3.26x |
| 17:15 | 7.22x | 3.03x | 1.69x | 3.29x |
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.
How might the heavy reliance on QIB subscription (7.22x) versus moderate retail interest (1.69x) impact the stock's price volatility in the first week of listing?
Given the company's history of regulatory shutdowns by the MPCB, what specific environmental compliance upgrades are planned with the IPO proceeds to mitigate future operational risks?
Will the allocation of ₹60 crore towards debt repayment significantly improve Prasol Chemicals' net profit margins and cash flow stability in the upcoming fiscal year?
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