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Home >Markets >Ipo >Clean Science and Technology's Rs1,400 cr IPO to open for subscription on 7 July

Clean Science and Technology’s 1400 crore-initial public offer (IPO) will open for subscription on July 07, according to its prospectus.

The IPO is entirely an offer for sale (OFS) by existing promoters and other shareholders, according to draft red herring prospectus.

The major share sale by the company’s promoters include Ashok Ramnarayan Boob ( 223 crore), Krishnakumar Ramnarayan Boob ( 84 crore), Siddhartha Ashok Sikchi ( 37 crore) and Parth Ashok Maheshwari ( 70 crore). The company will not receive any proceeds from the IPO.

Clean Science Technology manufactures functionally critical specialty chemicals such as performance chemicals, pharmaceutical intermediates and FMCG chemicals.

The Pune-based company's customers include manufacturers and distributors in India as well as other international markets including China, Europe, the United States of America, Taiwan, Korea, and Japan. Nearly two-third of the company's revenues comes from exports.

The company is known for an established market position and dominant presence in key specialty chemical products, well-diversified clientele, and application of the products largely in industries manufacturing essentials which limits impact of covid-19 pandemic.

Axis Capital, JM Financial and Kotak Mahindra Capital are the book-running lead managers of the issue.The equity shares of the company will be listed on NSE and BSE.

For the nine months ended December, the company has reported a net profit of 145 crore against 107 crore logged in the same period last year.

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