Anupam Rasayan IPO listing date: The issue was subscribed 3.64 times on Day 2. The public issue subscribed 6.60 times in the retail category, 0.37 times in QIB, and 1.39 times in the NII Category. Anupam Rasayan is one of the leading companies engaged in the custom synthesis and manufacturing of speciality chemicals in India. The issue opens on 12 Mar 2021 and closes on 16 Mar 2021. Anupam Rasayan IPO Price Band is Rs 553-Rs 555 and the Market Lot size is of 27 shares and the multiple thereof. The Issue Size is Rs 760 cr and many analysts are expecting listing at 10% - 15% above the issue price of Rs 555. The issue has got a tepid response from Investors and the retail investors also didn’t show much excitement here.  

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Anupam Rasayan has developed strong and long-term relationships with various multinational corporations, including Syngenta Asia Pacific, Sumitomo Chemical Company Limited and UPL Limited that has helped it expand product offerings and geographic reach across Europe, Japan, United States and India. In particular, it has been manufacturing products for certain customers for over 10 years. In the nine months ended December 31, 2020, Anupam Rasayan manufactured products for over 53 domestic and international customers, including 17 multinational companies. The Government of India has also recognized the Company as a three-star export house.  

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Anupam Rasayan Valuation:
 
In the recent past, Company has a robust track record of performance. It is expected that Company will be able to gain more market share and simultaneously its margins will also improve. Company has priced its issue at 95.2x PE at the upper band on a trailing basis which is aggressively priced as compared to its peers.
 
However, considering the rising fancy for life care and specialty chemicals segment linked with future performance trends, the company is expected to do well post listing going forward. Moreover, Company has a strong financial position and has been generating positive cash flow.