1. Home
  2. Business
  3. &
  4. Finance
  5. Clean Science And Technology IPO Subscribed 1.7 Times
Clean Science And Technology IPO Subscribed 1.7 Times

Clean Science And Technology IPO Subscribed 1.7 Times

0
0

The offer received bids for 2.09 crore shares as against 1.23 crore shares on offer.

The initial public offer (IPO) of Clean Science and Technology received bids for 2.09 crore shares as against 1.23 crore shares on offer, according to the stock exchange data. The issue was subscribed 1.7 times.

The issue opened for bidding on Wednesday, 7 July 2021, and it will close on Friday, 9 July 2021. The price band for the IPO is set at Rs 880-900 per share. An investor can bid for a minimum of 16 shares in multiples thereof.

The offer comprises of offer for sale (OFS) aggregating up to Rs 1,546.62 crore by existing shareholders, including promoters Ashok Ramnarayan Boob, Krishnakumar Ramnarayan Boob, Siddhartha Ashok Sikchi and Parth Ashok Maheshwari.

Ahead of the IPO, the company finalized allocation of 51,55,404 equity shares to anchor investors at Rs 900 per share, aggregating to Rs 463.98 crore.

Clean Science and Technology manufactures functionally critical specialty chemicals such as performance chemicals- mono methyl ether of hydroquinone (MEHQ), butylated hydroxyl anisole (BHA), L-ascorbyl palmitate and anisole.

The firm is among the few companies globally focused entirely on developing newer technologies using in-house catalytic processes, which are eco-friendly and cost competitive.

The company has two manufacturing facilities in India with 11 production lines (including three lines for catalyst production and regeneration), which had a combined installed capacity of 29,900 MTPA (metric tonnes per annum) as of 31 December 2020, and capacity utilization rates of 71.94% for Fiscal 2021.

As majority of our sales are through exports, both facilities are strategically located at Kurkumbh (Maharashtra), which is in proximity to the JNPT port. Each facility has an on-site R&D unit, quality control department, warehouse, and effluent treatment system that treats effluent, to make facilities zero liquid discharge facilities.

The company has also recently set-up a unit at the third facility adjacent to its existing facilities at Kurkumbh (Maharashtra), and have recently been allotted land for the construction of a fourth facility at Kurkumbh (Maharashtra).

The captive solar plants meet part of its power requirements at facilities, which improves cost efficiencies and results in better utilization of resources.

The company reported a net profit of Rs 198.38 crore and total income of Rs 512.43 crore for the year ended 31 March 2021.

Source: business-standard

Anand Gupta Editor - EQ Int'l Media Network