Clean Science and Technology Ltd. had a solid initial public offering (IPO) on the stock exchange on Monday. The stock got listed at a price of Rs 1,784.40 on the Bombay Stock Exchange (BSE). This was a 98.26 per cent premium against its issue price of Rs 900. On the National Stock Exchange (NSE), it got listed at Rs 1,755, which was at a 95 per cent premium. The IPO opened on July 7 and closed on July 9 with an IPO value of Rs 1,546 crore. The shares sold at Rs 1 per equity share during the public issue. The Clean Science and Technology IPO had a price band of Rs 880 to Rs 900 per equity share on the market and it was subscribed a total of 93.41 times. Currently, the stock, as listed on the BSE, stands at a price of Rs 1,608.95 at the time of this article, at a downward trend of 9.80 per cent from its opening price.
The quota reserved for qualified institutional buyers (QIBs) was 50 per cent, while the reserved quota for non-institutional investors (NIIs) and retail investors stood at 15 per cent and 35 per cent respectively. The QIBs quota was subscribed 156.37 times, the NIIs quota has subscribed a total of 206.43 times and the retail investor’s quota was subscribed 9 times over the period that the issue was up for sale on the market, according to IPO Watch. The lead managers of the company’s issue were Axis Capital Limited, JM Financial Limited and Kotak Mahindra Capital Company Limited. Clean Science and Technology had a maximum lot size of 208 shares at Rs 187,200 per share and a minimum lot size of 16 shares at Rs 14,400 per share. Retail investors were allocated 13 lots at the upper end of the lot size.
The company was incorporated in 2003, and have since worked towards developing eco-friendly and sustainable manufacturing processes of specialty and fine chemicals. These chemicals include the likes of performance chemicals, pharmaceutical intermediates, and FMCG chemicals. The company caters to manufacturers and distributors in India as well as an international market, that includes China, the US, Europe, Japan, Korea and Taiwan.
Alongside this stellar IPO by Clean Science and Technology, GR Infraprojects also listed on the stock exchange on Monday, June 19. The shares saw strong demand in the secondary market. It listed with a premium of 103 per cent. The public issue opened and closed on the same dates as its contemporary with an IPO size of approximately Rs 963 crore and a face value of Rs 5 per equity share as per information on IPO Watch. On the first day of trading, it did so at Rs 1,700. This was higher by Rs 863 against an issue price of Rs 837 on the BSE. At the time of this article, the stock was listed at Rs 1,731 on BSE, with uptake of 1.82 per cent from its opening price. Parallelly, it listed a 106.49 per cent uptake from its opening issue price.
The IPO had a minimum lot size of 17 shares at a rate of Rs 14,229 and a maximum lot size of 238 shares going for Rs 199,206. QIBs were given a 50 per cent quota, while the reserved quota for non-institutional investors was 15 per cent. Retail investors had a quota allocation of 35 per cent.