Siddhartha Khemka of Motilal Oswal expects Clean Science to do well post listing, given the huge response to the IPO, robust financials and a growing demand for companies in green chemicals
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Clean Science & Technology, the specialty chemical company that leads in niche green chemicals, saw a strong buying demand on July 19, the first trading day, as the stock shot up 76 percent to close at Rs 1,585.20 on the BSE.
The listing and the closing prices remained ahead of analysts’ expectations and grey market premium of around 60 percent.
The stock opened at Rs 1,784.40, which was also an intraday high, rising 98.3 percent over the issue price of Rs 900. Initially, it hit the day’s low of Rs 1,555.05 but remained strong throughout the session to trade with over a minimum of 70 percent gains.
It traded with volumes of 10.87 lakh equity shares on the BSE.
The Rs 1,546.62-crore public issue got was subscribed 93.41 times, given its leadership in niche green chemicals. It is one of the leading global specialty chemical manufacturer, focused on developing green chemicals.
Also read: Clean Science & Technology stock ends 76% higher on listing day; time to book profits?
Clean Science is the only company globally to use vapour-phase process for anisole, as a key raw material. It also manufactures sulphur-free BHA & sulphur-free DCC. It 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 maker of Guaiacol and among the largest for DCC under Pharma Intermediates (16 percent of revenue).
“Green chemicals demand is expected to grow at 10.5 percent CAGR (F&S report) globally over CY19-25 and Clean Science has built well-diversified product portfolio in this space to capitalise on this opportunity,” said Siddhartha Khemka, Head-Retail Research, Broking & distribution at Motilal Oswal Financial Services.
“We like Clean Science given its global leadership in green chemicals, diversified product portfolio, robust financials with industry-leading margins/return ratios and a strong focus on ESG front. We expect the stock to do well post listing given the huge response in IPO, robust financials and strong demand for companies in clean chemistry,” he added.
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