Clean Science and Technology to launch IPO on Jul 7; sets price band at Rs 880-900/share

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New Delhi, Jul 2 (PTI) Speciality chemical manufacturer Clean Science and Technology on Friday said it has fixed a price band of Rs 880-900 a share for its over Rs 1,546 crore-initial public offer.

The three-day initial public offer (IPO) will open on July 7 and conclude on July 9.The bidding for anchor investors will open on July 6, the company announced in a virtual press conference.

The Rs 1,546.62-crore IPO is entirely an offer for sale (OFS) by existing promoters and other shareholders.

Those offering shares in the OFS include Anantroop Financial Advisory Services, Ashok Ramnarayan Boob; Krishnakumar Ramnarayan Boob; Siddhartha Ashok Sikchi; and Parth Ashok Maheshwari.

Half of the issue size has been reserved for qualified institutional buyers, up to 35 per cent for retail investors, and the remaining 15 per cent for non-institutional buyers.

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

Its products are used as key starting level materials, as inhibitors, or as additives, by customers, for products.

Clean Science and Technology 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.

The company has multiple manufacturing facilities in Kurkumbh, MIDC Maharashtra that are automated to maintain high levels of accuracy and efficiency.

The Pune-based 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 the company's revenues come from exports.

Axis Capital, JM Financial and Kotak Mahindra Capital have been appointed as merchant bankers to the issue. The equity shares of the company will be listed on NSE and BSE. PTI SP ANS hrs

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