Clean Science and Technology IPO: Shares list at 100% premium on exchanges

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Clean Science and Technology IPO: Shares list at 100% premium on exchanges
BCCL
  • Shares of Clean Science and Technology list at over 100% premium from its price band of ₹880-900 per share.
  • The IPO was subscribed 95.54 times on the last day of the bidding.
  • The market capitalisation of the company stood at ₹16,786 crore.
Shares of Clean Science and Technology made a very strong listing on National Stock Exchange (NSE) and BSE at over 100% premium from its price band of ₹880-900 per share.

Post listing, the market capitalisation of the company stood at ₹16,786 crore, according to BSE data.

The shares of Clean Science and Technology were trading at ₹1,590 at 10.15 a.m., on July 19.

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The grey market premium of the stock had suggested a 60-70% premium over the issue price.

Moreover, the IPO had received a positive response from investors considering that investors had bid for 114.92 crore equity shares against the IPO size of 1.23 crore equity shares.

The issue was open for subscription between June 7 and June 9.

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The IPO was a complete offer for sale (OFS) by existing promoters and other shareholders. The entire ₹1,546 crore share sale ⁠— priced at ₹880-900 apiece⁠ was from existing investors Ashok Ramnarayan Boob (₹244 crore), Krishnakumar Ramnarayan Boob (₹193 crore), Siddhartha Ashok Sikchi (₹40 crore) and Parth Ashok Maheshwari (₹75 crore).

Clean Science and Technology is among the few companies, globally, focused entirely on developing newer technologies using in-house catalytic processes, which are eco-friendly and cost competitive.

The company manufactures critical speciality chemicals such as performance chemicals, pharmaceutical intermediates, fast moving consumer goods (FMCG) chemicals and other products.

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