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Clean Science and Tech sets 880-900 as IPO price band

Clean Science and Technology Ltd, 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. (iStock)Premium
Clean Science and Technology Ltd, 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. (iStock)

  • 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

MUMBAI: 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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