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Business News/ Market / Stock-market-news/  Fine Organic shares rise over 5% on stock market debut
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Fine Organic shares rise over 5% on stock market debut

Fine Organic shares close at ₹822.80, up 5.08% from its issue price of ₹783, after its ₹600 crore IPO was subscribed 9 times last week

In intraday trade, Fine Organic shares rose as much as 5.8% to Rs 828.60 per share.Premium
In intraday trade, Fine Organic shares rose as much as 5.8% to Rs 828.60 per share.

Mumbai: Shares of Fine Organic Industries Ltd closed over 5% premium on the bourses on Monday, after its 600 crore initial public offer (IPO) was subscribed 9 times last week. Fine Organic shares opened 4.09% higher on the BSE at 815 a piece compared to the issue price of 783, which was the upper end of the price band between 780 and 783 per share. Fine Organic stock ended up 5.08% at 822.80, while benchmark 30-share Sensex traded 0.45% lower at 35,264.41 points. In intraday trade, the stock rose as much as 6.51% to 834 per share.

The Fine Organic IPO—a pure offer for sale—raised a little over 600 crore. The promoters of the company sold 7.66 million shares in the IPO, which closed on 22 June.

For the nine month period ended December 2017, the company reported a revenue of 587.04 crore and a profit of 94.53 crore. For fiscal year 2017, the company reported a profit of 120.83 crore, up 3.4% from 116.83 crore a year ago. Revenue rose 7.32% from a year ago to 659.74 crore. As of December 2017, the company has total debt of 34.57 crore.

Fine Organic is one of the largest manufacturer of oleochemical-based additives in India. The company produces a wide range of specialty plant derived oleochemical-based additives used in the food, plastic, cosmetics, paint, ink, coatings and other specialty applications in various industries. The company currently has three production facilities situated in the state of Maharashtra.

As of 31 December, Fine Organic had a range of 387 different products sold under the ‘Fine Organics’ brand, according to the company’s IPO prospectus. Its customers include large FMCG companies such as Hindustan Unilever and Parle Products.

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Published: 02 Jul 2018, 02:24 PM IST
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