Clean Science and Tech sets ₹880-900 as IPO price band
The initial public offering of Clean Science and Technology Ltd opens on 7 July and closes on 9 July. The issue consists of an offer for sale of ₹1,546.62 crore by its current promoters and shareholders
PremiumMUMBAI: The initial public offering of Clean Science and Technology Ltd has a set price band of ₹880-900 apiece. The issue opens on 7 July and closes on 9 July.
The issue consists of an offer for sale of ₹1,546.62 crore by its current promoters and shareholders. Ashok Ramnarayan Boob and Asha Ashok Boob will sell shares worth ₹244 crore each. Krishnakumar Ramnarayan Boob will sell shares for around ₹193.06 crore, Parth Ashok Maheshwari will sell shares worth ₹75.98 crore, Ashokkumar Ramkishan Sikchi HUF will sell shares worth ₹136.05 crore, Krishnakumar Ramnarayan Boob HUF will sell share last worth ₹41.55 crore, Nilima Krishnakumar Boob to sell ₹84.08 crore shares, Asha Ashok Sikchi is to sell shares worth ₹104.47 crore, and Siddhartha Ashok Sikchi is to sell equity shares worth ₹40.05 crore.
Axis Capital, JM Financial and Kotak Investment Banking are the book running managers on the issue.
The Pune-based specialty chemicals major will not receive any proceeds from the offer and all the proceeds will be received by the selling shareholders.
For the nine months ending December 2020, the firm reported a total income of ₹398.46 crore compared to ₹322.86 crore a year ago. Net profit for the period stood at ₹145.27 crore compared to ₹106.80 crore a year ago. Net debt for the period stood at ₹65.96 crore
The company is the largest manufacturer globally of specialty chemical products such as MEHQ, Beta hydroxy acid, Anisole and 4-Methoxyacetophenone (4-MAP), and manufacture functionally critical specialty chemicals such as performance chemicals, pharmaceutical intermediates and FMCG chemicals.
Clean Science and Technology, a family-owned firm, 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’s customers include manufacturers and distributors in India as well as other international markets, including China, Europe, the US, Taiwan, Korea, and Japan. Nearly two-third of their revenue comes from exports.
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