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SH kelkar share price

Successful listing comes within a week of IndiGo's trading debut

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SH kelkar share price

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  1. SH kelkar share price /SH Kelkar soars 17% on trading debut The shares of Mumbai-based fragrancemanufacturer SH kelkar& Company gained 17 per cent on its trading debut on Monday. The stock ended at Rs 210 as compared to the issue price of Rs 180. The listing comes within a week of IndiGo’s trading debut, where the airline’s shares had soared by a similar amount. SH Kelkar’s stock price moved between Rs 200 and Rs 225 on the National Stock Exchange, with 23 million shares changing hands. According to market experts, the company was buoyed by strong secondary demand from investors who missed out on allotment in the IPO. SH Kelkar Rs 500-crore Initial Public Offering (IPO) of shares last month was subscribed 27 times. Most of the bids in the IPOwere from institutional and high networth investors, with their categories subscribed 25 and 87 times, respectively. The company had raised Rs 200 crore by issue of fresh equity in the IPO. SH Kelkar will use the proceeds for its working capital requirement and to retire some of its long-term debt. The company is the largest domestic fragrance manufacturer, with around 20 per cent market share in fragrance and flavour manufacturing, used in consumer goods and pharmaceutical sectors.

  2. “We believe SH Kelkar to be a proxy FMCG (fast-moving consumer goods) play and should trade at premium valuations, similar to FMCG companies. We initiate coverage on SH Kelkar with a buy rating and a 15-month price objective of Rs 280,” LKP Securities said in a note on Monday. At Monday’s close, SH Kelkar’s market capitalisation was Rs 3,000 crore. Article Surce: Business Standard.

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