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Clean Science and Technology IPO to open on July 7; price band fixed at Rs 880-900

Clean Science and Technology IPO to open on July 7; price band fixed at Rs 880-900

Clean Science and Technology IPO to open on July 7; price band fixed at Rs 880-900
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By Ankit Gohel  Jul 2, 2021 12:27:59 PM IST (Published)

The IPO of Clean Science and Technology is a complete offer for sale of 17,575,245 – 17,184,682 shares by existing selling shareholders and promoters.

Specialty chemicals manufacturer Clean Science and Technology will open its initial public offering (IPO) for subscription on July 7. The price band for the issue has been fixed at Rs 880-900 per share.

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The issue will close on July 9. It will be the second IPO in July 2021 after GR Infraprojects.
The IPO of Clean Science and Technology is a complete offer for sale of 17,575,245 – 17,184,682 shares by existing selling shareholders including promoters Ashok Ramnarayan Boob, Krishnakumar Ramnarayan Boob, Siddhartha Ashok Sikchi, and Parth Ashok Maheshwari.
The company plans to raise Rs 1,546.62 crore through the public issue, while the proceeding from the issue will go to selling shareholders. The IPO market lot size is 16 shares. A retail-individual investor can apply for up to 13 lots.
The company has reserved up to 50 percent of the offer for qualified institutional buyers, 35 percent for retail investors, and 15 percent for non-institutional buyers.
Axis Capital, JM Financial, and Kotak Mahindra Capital are the lead managers for the offer.
Clean Science and Technology is among the few global companies focused entirely on developing newer technologies using in-house catalytic processes, which are eco-friendly and cost-competitive.
It manufactures functionally critical specialty chemicals and FMCG Chemicals. Its customers include manufacturers and distributors in India as well as other regulated international markets including China, Europe, the United States of America, Taiwan, Korea, and Japan.
In Fiscal 2021, revenue from operations for sales outside India represented 67.86 percent of their total revenue from operations.
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