On the first day of biding of the Chemical Company Clean Science and Technology has been successfully subscribed more than 1.09 times on Wednesday, July 7, as per the Initial Public Offering (IPO) of the company. As per the information of the subscription data which is available on the exchanges showed that the offers of bids have been received 1.33 crore shares against the size of the IPO 1.23 crore shares of equity. Along with this, the information is revealing that there is subscribed of 90 percent which is a reserved portion of the non-institutional investor and 1.79 times is for retail investors. On the other side, the experienced buyers of institutional have set down for the bids of 8,800 shares of equity against the reserved portion of around 35.15 lakhs of shares.
Along with this, the size of the offer has been decreased to 1.23 crore shared from the equity shares of 1.718 crores on the complete fundraising from the anchor’s investors on Tuesday. The company, Clean Science has collected Rs 463.38 crore after issuing the equity shares in the quantity of around 51,55,404 which is also available at the price of Rs. 900 per equity share.
The subscription of the complete for an offer for sale which was issued for public Rs. 1,546.6 crore will be closed on Friday, July 9, 2021. Also, the company has fixed the band price and it is fixed at the price between Rs 880 to 900 per share. The main objective to issue is to increase the visibility through the listing and also, to produce the liquidity for the group of promoters. It was said by the Aditya Birla capital that the value of IPO is set at 48.2x FY21 EPS is a reasonable price when it comes to the comparison with other specialty chemical companies in the universe.
The Clean Science & Technology functionally in the critical specialty chemicals like performance in chemicals, FMCG Chemicals, and Pharma Intermediates. There are two plants of the company which are in Pune and Maharashtra with a production line of 11 and a capacity of MTPA 29,900.
Chemical Company Clean Science and Technology is one of the largest manufacturers of MEHQ, Anisole, BHA, and 4-MAP in the line of producing for the products key. On the other side, Clean Science is one of the most-known manufacturers for using the developed processes and boost. More information regarding the IPO will come out soon and there is no confirmation regarding this. Stay tuned for more updates regarding to the further IPOs.
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