Fine Organic IPO to open on 20 June, aims to raise Rs600 crore
Fine Organic has set a price range of Rs780-783 a share for an IPO that will open on 20 June
Bengaluru: Indian additives maker Fine Organic Industries Ltd has set a price range of Rs780-783 a share for an initial public offering (IPO) that will open on 20 June, according to a public notice on Wednesday.
At the upper end of the range, the IPO, which closes on June 22, will raise about Rs600 crore, the notice said. The company received approval from the Securities and Exchange Board of India in May.
Fine Organic’s founders will sell up to 7.7 million shares through the IPO, comprising a quarter of the post-offer share capital of the company.
Edelweiss and JM Financial are the bookrunners for the sale.
Established in 1970, the Mumbai-based firm is a leading producer of speciality additives for foods, plastics, rubbers, paints, inks, cosmetics, coatings, textile auxiliaries, lubes and several other speciality applications.