Clean Science and Technology IPO on July 7; Price brand is set at Rs 880-890 per share
Specialty chemical maker Clean Science and Technology on Friday said it has fixed a price band of Rs 880-890 per share for its initial public offer of over Rs 1,546 crore. The three-day initial public offering (IPO) will open on July 7 and end on July 9.
Bidding for anchor investors will open on July 6, the company announced in a virtual press conference. The Rs 1,546.62 crore IPO is purely an offer for sale (OFS) by the existing promoters and other shareholders.
Anantrup Financial Advisory Services, Ashok Ramnarayan Boob; Krishnakumar Ramnarayan Boob; Siddharth Ashok Sikchi; and Parth Ashok Maheshwari.
Half of the issue size is reserved for qualified institutional buyers, up to 35 percent for retail investors and the remaining 15 percent for non-institutional buyers. Clean Science Technology manufactures functionally important specialty chemicals such as performance chemicals, pharmaceutical intermediates and FMCG chemicals.
Its products are used as main starting-level materials, as inhibitors, or by customers, as additives to products.
Clean Science & Technology is known for its established market position and application of the products in manufacturing major specialty chemical products, well-diversified customers, and large scale industries that limit the impact of the COVID-19 pandemic.
The company has several manufacturing facilities at Kurkumbh, MIDC Maharashtra which are automated to maintain a high level of accuracy and efficiency. The Pune-based company’s clients include manufacturers and distributors in India as well as other international markets including China, Europe, the US, Taiwan, Korea and Japan.
About two-thirds of the company’s revenue comes from exports. Axis Capital, JM Financial and Kotak Mahindra Capital have been appointed as merchant bankers to the issue. The equity shares of the company will be listed on NSE and BSE.
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