Receives bids for 21.10 lakh shares
The initial public offer (IPO) of Fine Organic Industries received bids for 21.10 lakh shares today, 21 June 2018, as against 53.65 lakh shares on offer, as per the National Stock Exchange of India (NSE) website data at 17:00 IST. The issue was subscribed 0.39 times. The issue opened for subscription on 20 June 2018 and closes on 22 June 2018. The price band for the issue has been fixed at Rs 780 to Rs 783 per share.
Ahead of the opening of the IPO, a special committee of the company at its meeting held on 19 June 2018, finalised allocation of 22.99 lakh equity shares to anchor investors at Rs 783 per share.
The offer comprises of offer for sale of 76.64 lakh equity shares by the promoter. The offer will constitute 25% of the post offer paid-up equity share capital of the company.
On a consolidated basis, Fine Organic Industries reported net profit of Rs 60.95 crore and total income of Rs 580.97 crore in nine months ended December 2017.
Fine Organics Industries is the largest manufacturer of oleo chemical-based additives in India and a strong player globally in this industry. It produces a wide range of specialty plant derived oleo chemicals-based additives. As on 31 March 2018, the company had a range of 387 different products sold under the Fine Organics brand and used in the plastic industry, food industry and other (cosmetics, printing inks, coated papers, lube additives, wires and cables, coatings and other specialty applications) industries. It is the first company to introduce slip additives in India and is the largest producer of slip additives in the world.
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