- The IPO is entirely an offer for sale (OFS) by existing promoters and shareholders.
- Pune-based specialty chemicals company Clean Science and Technology looks to raise ₹1,546 crore through the public issue.
- The bidding process for the IPO will start on July 7 and end on July 9.
Pune-based specialty chemicals company Clean Science and Technology has set the
price band for its initial public offering (IPO) at ₹880-900 while it looks to raise ₹1,546 crore through the public issue.
The IPO is completely an offer for sale (OFS) by existing promoters and other shareholders wherein the company will not receive any proceeds from the offer and all the proceeds will be received by the selling shareholders and promoters.
The major
share sale by the company’s promoters include 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 specialty chemicals such as performance chemicals, pharmaceutical intermediates, fast moving consumer goods (FMCG) chemicals and other products.
The IPO lot size is 16 shares. The company has reserved up to 50% of the offer for qualified institutional buyers, 35% for retail investors, and 15% for non-institutional buyers.
In fiscal 2021, the company’s revenue from operations for sales outside India represented 67.86% of total revenue from operations. The company net profit for the period stood at ₹198 crore along with ₹192 crore net cash from operating activities.
The bidding process will start on July 7 and end on July 9.
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