At 5:00 pm, out of the total 1,23,02,672 shares on offer, investors bid for 1,14,92,30,160 shares.
Shares of Clean Science Technology, a specialty chemical producer, have been on offer for sale from Wednesday in the primary market. It is a play on two of the most relevant themes in the current times.
On one hand, the company has adopted greener technology to produce chemicals, attracting those looking for ESG investment. At the same time, the specialty chemicals industry in India is on an upswing thanks to the ‘China + 1’ sourcing strategies adopted by several MNCs, making sure there are ample growth opportunities for the firm.
Most analysts advise subscribing to the issue as the company looks much stronger on financial ratios while its shares are also available at favorable valuation as compared to its peers.
The company is going to list at PE of 48.18 times with a market cap of Rs 9,559.7 crore, while its peers namely
and Fine Organics are trading at 77.4 times and 75.1 times, respectively.
Promoters and shareholders of Clean Science plan to raise Rs 1,546 crore from the primary market via an offer for sale. The company will not get any proceeds from the share sale. The price band for the offer has been decided at Rs 880-900 per share.
Of the total shares on offer, 50 per cent shall be available for allocation on a proportionate basis to qualified institutional buyers (QIBs). Further, not less than 15 per cent of the offer shall be available for non-institutional bidders and the rest for retail investors. Investors can bid for a lot of 16 shares and in multiples thereof. Retail investors can bid for a maximum of 14 lots.
