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    Clean Science and Technology IPO subscribed 1.7 times on day 1

    Clean Science and Technology IPO subscribed 1.7 times on day 1

    Clean Science and Technology IPO subscribed 1.7 times on day 1
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    By CNBCTV18.com  IST (Updated)

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    The initial public offering (IPO) of specialty chemical company Clean Science and Technology has received bids for 2.09 crore equity shares against IPO size of 1.23 crore equity shares.

    The initial public offering (IPO) of specialty chemical company Clean Science and Technology has been subscribed 1.70 times so far on Wednesday, the first day of bidding. The offer has received bids for 2.09 crore equity shares against IPO size of 1.23 crore equity shares.
    The portion reserved for retail investors has been subscribed 2.48 times, while that of non-institutional investors has been subscribed 2.15 times, as per the data available on the exchanges at end of day one. The qualified institutional buyers have put in bids for 18,224 equity shares against their reserved portion of 35.15 lakh equity shares.
    The offer size has been reduced to 1.23 crore equity shares from 1.718 crore equity shares as the company already raised Rs 463.98 crore from 41 anchor investors on July 6 by issuing 51,55,404 equity shares at a price of Rs 900 per share.
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    The Rs 1,546.62-crore IPO, which will close on July 9, is a complete offer for sale by existing shareholders including promoters.
    The price band for the issue is Rs 880-900 per share. The proceeding from the issue will go to selling shareholders.
    Clean Science and Technology is the leading manufacturer in several of its products using internally developed processes. Given the company's strong financial performance, industry-leading margins and returns ratios, brokerages have assigned "Subscribe" ratings to the issue.
    "Clean Science and Technology enjoys healthy return ratios and margins through creation of strong entry barriers. The IPO is valued at 48.2x FY21 EPS which we believe is reasonable when compared to the valuations of several of the specialty chemical companies in the listed universe. We assign a 'Subscribe' rating on the issue," said Aditya Birla Capital.
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