JG Chemicals makes weak market debut; shares decline nearly 17%

New Delhi: Shares of JG Chemicals Ltd on Wednesday ended with a discount of nearly 17 per cent against the issue price of Rs 221.

The stock made its debut at Rs 211, lower by 4.52 per cent, from the issue price on the BSE. During the day, it tanked 18 per cent to Rs 181.20. Shares of the company ended at Rs 184.65, down 16.44 per cent.

At the NSE, shares of the company are listed at Rs 209, a discount of 5.42 per cent. It ended at Rs 183.70, lower by 16.87 per cent.

The company's market valuation stood at Rs 723.57 crore.

In the broader equity market, the 30-share BSE Sensex ended 906.07 points lower at 72,761.89, while the Nifty declined 338 points to 21,997.70.

The Initial Public Offer (IPO) of JG Chemicals was subscribed 27.78 times on the final day of bidding on Thursday.

The Rs 251.2 crore IPO was in a price range of Rs 210-221 a share.

The zinc oxide manufacturer's initial public offer had a fresh issue of shares of up to Rs 165 crore and an offer for sale of up to 39 lakh shares.

The Kolkata-based firm is India's largest zinc oxide manufacturer in terms of production and revenue. It sells over 80 grades of zinc oxide and is among the top 10 manufacturers of zinc oxides globally.