Fine Organic Industries stock ends 5% higher at Rs 822.80 on BSE
The share price of chemical manufacturer Fine Organic Industries closed at Rs 822.80 on Monday, a gain of 5.08 percent over its issue price of Rs 783 on the BSE.
The stock touched an intraday high of Rs 834 and low of Rs 787 after opening at Rs 815.
The Rs 600-crore initial public offer was oversubscribed by 8.99 times during June 20-22, 2018.
The IPO had comprised of offer for sale of 76,64,994 equity shares by the promoter group selling shareholders who are Prakash Damodar Kamat, Mukesh Maganlal Shah, Jyotsna Ramesh Shah, Jayen Ramesh Shah, Tushar Ramesh Shah and Bimal Mukesh Shah.
Fine Organic is the largest manufacturer of oleochemical-based additives in India and a strong player globally in this industry, according to CRISIL Research Report.
It produces a wide range of specialty plant derived oleochemical-based additives used in food, plastic, cosmetics, paint, ink, coatings and other specialty application in various industries.