New Delhi, July 25 -- The initial public offering (IPO) of Patel Chem Specialities witnessed strong demand on the first day of the bidding process on Friday, as the issue was subscribed 50% in just over an hour of opening. Strong demand from the retail and NII quotas, along with a solid grey market premium (GMP), resulted in Patel Chem Specialities' IPO crossing the halfway mark.

Patel Chem Specialities IPO, worth Rs.58.80 crore, is a fresh issue of 70 lakh shares. The issue opened for subscription on July 25 and will close on July 29. Following the closure, the allotment is expected on July 30, while the listing of Patel Chem Specialities shares is likely on August 1.

Patel Chem Specialities IPO price band is fixed at Rs.82 to Rs.84 pe...