Specialty chemicals manufacturer Clean Science and Technology will open its initial public offering for bidding on July 7. This will be the second company to launch IPO in July 2021 after GR Infra.
The price band for the issue, which will close on July 9, has been fixed at Rs 880-900 per share.
The company is planning to raise Rs 1,546.62 crore through public issue which consists of a complete offer for sale by existing selling shareholders including promoters Ashok Ramnarayan Boob, Krishnakumar Ramnarayan Boob, Siddhartha Ashok Sikchi, and Parth Ashok Maheshwari.
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The company will not receive money raised through IPO as the money will go to selling shareholders.
Investors can put in bids for a minimum of 16 shares and in multiples of 16 equity shares thereafter.
Up to 50 percent of the offer is reserved for qualified institutional buyers, 35 percent for retail investors, and 15 percent for non-institutional buyers.
Clean Science is among the few companies globally focused entirely on developing newer technologies using in-house catalytic processes, which are eco-friendly and cost competitive. This has enabled the company to emerge as the largest manufacturer globally of certain specialty chemicals in terms of installed manufacturing capacities as of March 31, 2021.
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The company manufactures functionally critical specialty chemicals such as performance chemicals, pharmaceutical intermediates, and FMCG chemicals. In FY21, exports contributed 67.86 percent to total revenue from operations.
Its key customers include Bayer AG, SRF, Gennex Laboratories, Nutriad International NV and Vinati Organics.
It has two certified production facilities in India at Kurkumbh (Maharashtra), with a combined installed capacity of 29,900 million tonnes per annum (MTPA) as of March 2021. It has also recently set-up a unit at the third facility adjacent to existing facilities at Kurkumbh (Maharashtra), and has recently been allotted land for the construction of a fourth facility at Kurkumbh (Maharashtra).
Axis Capital, JM Financial, and Kotak Mahindra Capital Company are the book running lead managers to the issue.