Smelling Success on listing! SH Kelkar and Company makes impressive debut

The Company proposes to use the Issue proceeds for repayment/pre-payment in full or in part of certain loans availed by the Company, Investment in their wholly owned subsidiary K.V. Arochem Private Limited and general corporate purposes.

S H Kelkar and Company is trading at Rs. 202.95  after listing around 25% higher than its issue price of Rs. 180 per share. The company raised Rs. 508 crore through IPO and was over-subscribed 19.74 times. The stock opened at Rs. 223.70 as against the issue price of Rs. 180 on NSE. It hit a high of Rs. 225 and a low of Rs. 200 on NSE today. Total traded quantity on the counter stood at over 1.13 lk shares on NSE around 11 am. Meanwhile, the NSE Nifty is trading flat at at 7,766.

One of the largest fragrances and flavour companies in India by revenue S H Kelkar and Company Limited, opened its Issue on October 28, 2015. The Company proposes to use the Issue proceeds for repayment/pre-payment in full or in part of certain loans availed by the Company, Investment in their wholly owned subsidiary K.V. Arochem Private Limited and general corporate purposes. The company  has four manufacturing facilities, three of which are located in India (Mumbai, Vapi and Raigad) and one in The Netherlands, with a total installed manufacturing capacity of over 19,819 tons annually.