Specialty chemicals and enzymes manufacturer Fineotex Chemical made a smart debut on the Bombay Stock Exchange today, opening at a premium of over 14% against its issue price of Rs 70.
The stock opened trade at Rs 80, reflecting a jump of 14.28% over the issue price on the BSE. Within minutes of trade, the scrip skyrocketed by 49.21% to touch an early peak of Rs 104.45.
The company had fixed a price band of Rs 60-72 a share for its Rs 30.32 crore initial public offer.
Fineotex plans to utilise the IPO proceeds to fund its expansion plans, as well as the acquisition of plant and machinery and general corporate purposes.
The company is in the business of manufacturing specialty chemicals and enzymes consumed by the textile and garment industry, leather, water treatment, construction, paper, paint, adhesives, agrochemicals and other industries.
Meanwhile, the BSE 30-share bellwether index Sensex was trading down by 17.91 points at 18,310.07 at 1017 hrs.
