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Fine Organics listed at Rs 815, a premium of over 4% on NSE and BSE with respect to its issue price.At 10:20 am, the stock was trading at Rs 806, up 3% with respect to issue price and down 1% as compared to its open price on BSE.

On comparison, the S&P BSE Sensex was trading 0.5% lower. The scrip hit a high and low of Rs 823 and Rs 798 respectively till now.

The Rs 600-crore initial public offer was oversubscribed by 8.99 times during June 20-22, 2018. The reserved portion of qualified institutional buyers (QIBs) portion was subscribed 12.86 times, non-institutional investors 21.01 times and retail investors 1.62 times.

The price band for the offer was fixed at Rs 780-783 per share. JM Financial and Edelweiss Financial Servicesmanaged the issue.

The IPO comprises of offer for sale of 76,64,994 equity shares by the promoter group selling shareholders who are Prakash Damodar Kamat, Mukesh Maganlal Shah, Jyotsna Ramesh Shah, Jayen Ramesh Shah, Tushar Ramesh Shah and Bimal Mukesh Shah.

Fine Organics has three production facilities in Ambernath, Badlapur, and Dombivali in Maharashtra. As of Dec 31, 2017, these three facilities have a combined installed capacity of approximately 64,300 tonnes per annum. Currently, the company has a 387 different range of products. These are sold under the ‘Fine Organics’ brand. Further, the company has a subsidiary in Europe and North America, and it sells directly to selected large direct customers.

Last modified on Monday, 02 July 2018

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