Clean Science IPO opened its Rs 1,546.62 crore public issue for subscription on July 7 with a price band of Rs 880-900 per equity share. It is completely an offer for sale by existing selling shareholders
‘); $ (‘#lastUpdated_’+articleId).text(resData[stkKey][‘lastupdate’]); //if(resData[stkKey][‘percentchange’] > 0){ // $ (‘#greentxt_’+articleId).removeClass(“redtxt”).addClass(“greentxt”); // $ (‘.arw_red’).removeClass(“arw_red”).addClass(“arw_green”); //}else if(resData[stkKey][‘percentchange’] = 0){ $ (‘#greentxt_’+articleId).removeClass(“redtxt”).addClass(“greentxt”); //$ (‘.arw_red’).removeClass(“arw_red”).addClass(“arw_green”); $ (‘#gainlosstxt_’+articleId).find(“.arw_red”).removeClass(“arw_red”).addClass(“arw_green”); }else if(resData[stkKey][‘percentchange’] 0) { var resStr=”; var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .get( “//www.moneycontrol.com/mccode/common/rhsdata.html”, function( data ) { $ (‘#backInner1_rhsPop’).html(data); $ .ajax({url:url, type:”POST”, dataType:”json”, data:{q_f:typparam1,wSec:secglbVar,wArray:lastRsrs}, success:function(d) { if(typparam1==’1′) // rhs { var appndStr=”; var newappndStr = makeMiddleRDivNew(d); appndStr = newappndStr[0]; var titStr=”;var editw=”; var typevar=”; var pparr= new Array(‘Monitoring your investments regularly is important.’,’Add your transaction details to monitor your stock`s performance.’,’You can also track your Transaction History and Capital Gains.’); var phead =’Why add to Portfolio?’; if(secglbVar ==1) { var stkdtxt=’this stock’; var fltxt=’ it ‘; typevar =’Stock ‘; if(lastRsrs.length>1){ stkdtxt=’these stocks’; typevar =’Stocks ‘;fltxt=’ them ‘; } } //var popretStr =lvPOPRHS(phead,pparr); //$ (‘#poprhsAdd’).html(popretStr); //$ (‘.btmbgnwr’).show(); var tickTxt =’‘; if(typparam1==1) { var modalContent = ‘Watchlist has been updated successfully.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //var existsFlag=$ .inArray(‘added’,newappndStr[1]); //$ (‘#toptitleTXT’).html(tickTxt+typevar+’ to your watchlist’); //if(existsFlag == -1) //{ // if(lastRsrs.length > 1) // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exist in your watchlist’); // else // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exists in your watchlist’); // //} } //$ (‘.accdiv’).html(”); //$ (‘.accdiv’).html(appndStr); } }, //complete:function(d){ // if(typparam1==1) // { // watchlist_popup(‘open’); // } //} }); }); } else { var disNam =’stock’; if($ (‘#impact_option’).html()==’STOCKS’) disNam =’stock’; if($ (‘#impact_option’).html()==’MUTUAL FUNDS’) disNam =’mutual fund’; if($ (‘#impact_option’).html()==’COMMODITIES’) disNam =’commodity’; alert(‘Please select at least one ‘+disNam); } } else { AFTERLOGINCALLBACK = ‘overlayPopup(‘+e+’, ‘+t+’, ‘+n+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function pcSavePort(param,call_pg,dispId) { var adtxt=”; if(readCookie(‘nnmc’)){ if(call_pg == “2”) { pass_sec = 2; } else { pass_sec = 1; } var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .ajax({url:url, type:”POST”, //data:{q_f:3,wSec:1,dispid:$ (‘input[name=sc_dispid_port]’).val()}, data:{q_f:3,wSec:pass_sec,dispid:dispId}, dataType:”json”, success:function(d) { //var accStr= ”; //$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); glbbid=v.id; } }); } }); } else { AFTERLOGINCALLBACK = ‘pcSavePort(‘+param+’, ‘+call_pg+’, ‘+dispId+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function commonPopRHS(e) { /*var t = ($ (window).height() – $ (“#” + e).height()) / 2 + $ (window).scrollTop(); var n = ($ (window).width() – $ (“#” + e).width()) / 2 + $ (window).scrollLeft(); $ (“#” + e).css({ position: “absolute”, top: t, left: n }); $ (“#lightbox_cb,#” + e).fadeIn(300); $ (“#lightbox_cb”).remove(); $ (“body”).append(”); $ (“#lightbox_cb”).css({ filter: “alpha(opacity=80)” }).fadeIn()*/ $ (“#myframe”).attr(‘src’,’https://accounts.moneycontrol.com/mclogin/?d=2′); $ (“#LoginModal”).modal(); } function overlay(n) { document.getElementById(‘back’).style.width = document.body.clientWidth + “px”; document.getElementById(‘back’).style.height = document.body.clientHeight +”px”; document.getElementById(‘back’).style.display = ‘block’; jQuery.fn.center = function () { this.css(“position”,”absolute”); 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The public offer of Clean Science, a technology-driven specialty chemical manufacturing company, has seen a strong demand from investors as it got subscribed 4.28 times so far on the second day of bidding, July 8.
Investors have put in bids for 5.26 crore equity shares against the offer size of 1.23 crore equity shares, the subscription data available on the exchanges showed.
The portion set aside for qualified institutional buyers has subscribed 2.12 times, while non-institutional investors have put in bids 4.51 times their reserved portion, and retail bidders 5.42 times their reserved portion.
Clean Science and Technology opened its Rs 1,546.62 crore public issue for subscription on July 7, with a price band of Rs 880-900 per equity share. It is completely an offer for sale by existing selling shareholders, so the company will not get any money from the offer.
Also read – Clean Science & Technology IPO opens: Should you subscribe?
“The issue is reasonably valued at 48.2x FY21 P/E on post issue basis (average peer FY21 P/E of 60x), while it enjoys higher return on equity (RoE) of 45 percent (average peer RoE of 18 percent). We believe that the market would like to give premium valuation to such emerging niche stories,” said Motilal Oswal which recommended a subscribe.
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The brokerage likes Clean Science given its global leadership in green chemicals, diversified product portfolio, robust financials with industry leading margins/return ratios and strong focus on environmental, social, and corporate governance (ESG) front.
“It is well placed to tap opportunity in the fast growing specialty chemical space especially green chemicals, by leveraging its strong R&D capabilities and expanding product portfolio,” said Motilal Oswal.
Clean Science and Technology is one of the leading global specialty chemical manufacturer, focused on developing green chemicals.
Also read – It’s IPOs ahoy! 40-odd issues on the way to mop up Rs 80,000 crore
Green chemicals demand is expected to grow at 10.5 percent CAGR (F&S report) globally over CY19-25E, led by rising awareness for ill-effects of certain chemicals. “Clean Science has built well diversified product portfolio in this space and is well placed to capitalize on it. It is further exploring high margin products like stabilizers/ additives and is setting up a third plant while acquired land for the fourth one,” said Motilal Oswal.
Clean Science has grown to be the largest manufacturer globally of MEHQ and BHA and second largest for AP under performance chemicals (69 percent of FY21 revenues) while it is largest for both Anisole/ 4-MAP under FMCG chemicals (12 percent of revenues). It is the third largest for Guaiacol and among the largest for DCC under Pharma Intermediates (16 percent of revenue).
Also read – Zomato IPO to open next week: 10 key things to know about the issue and the company
Over FY18-21, the company reported a growth in revenue, EBITDA (earnings before interest, tax, depreciation and amortisation), and PAT at a CAGR of 28 percent, 52 percent, and 60 percent respectively. EBITDA margins expanded from 30.2 percent to 50.5 percent in the same period, led by presence in high margin products, superior technological innovation and highly backward integrated to basic commodity-Phenol.
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