Alkali Metals, engaged in the business of manufacturing a range of fine chemicals, has got listed on the Bombay Stock Exchange (BSE) at a discount of 12.62% at Rs 90 as against its issue price of Rs 103.
 
The stock is assigned the scrip code 533029 and is placed in the `B` group on BSE.

At 10.04 a.m. on the BSE, the scrip was trading at Rs 122.50, up 18.93%, and about 357,466 shares got traded within minutes of its listing. The scrip also touched a high of Rs 137.70 and a low of Rs 90.

Similar movement was seen on the National Stock Exchange (NSE), where the scrip of the company got listed at Rs 99 or at a discount of 3.88%.

At 10.04 a.m. on the NSE, the scrip stood at Rs 136.70, up 32.72%, from the issue price after hitting a high of Rs 139 and a low of Rs 99.

ICRA assigned an IPO Grade 2 to the Initial Public Offering (IPO) of Alkali (Q, N,C,F)* Metals (AML), indicating below average fundamentals.

The initial public offering (IPO) of the company had received total bids for 2,654,535 equity shares as against the total issue size of 2.55 million equity shares and was subscribed 1.04 times.

The company proposes to utilize the net proceeds of the issue to part finance its growth plan, which includes establishment of an Active Pharmaceutical Ingredients (API) facility at Jawaharlal Nehru Pharma City at Parawada, situated 25 kms from Visakhapatnam, with an installed capacity of 672 metric ton per annum (mtpa).

The Pharma City is being developed by Andhra Pradesh Industrial Infrastructure Corporation (APIIC) in joint venture with Ramky Group (the developer) through a special purpose vehicle (SPV) called Ramky Pharma City (India), from whom Alkali Metals has acquired 16.42 acres of land.