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On Monday, Clean Science and Technology had a strong debut on the bourses as its shares listed at Rs 1,784 on the BSE, a 98 per cent premium against the issue price of Rs 900 per share.
However, post listing, the stock declined up to Rs 1,555 levels on the BSE amid profit booking. In the morning trade, it was quoting at Rs 1,606, up 78 per cent against its issue price. Around 667,000 equity shares had changed hands on the counter on the BSE till the time of writing of this report, exchange data shows.
The Rs 1,500 crore initial public offer (IPO) of Clean Science and Technology had received a strong response from the investors and was subscribed 93.41 times. The portion set aside for qualified institutional buyers was subscribed 156.37 times while non-institutional investors subscribed 206.434 times. Retail investors put in bids 9.0 times their portion.
The prime purpose of the issue was to enhance visibility, brand, provide liquidity to existing shareholders and achieve the benefits of listing shares on stock exchanges. Clean Science is among the few companies globally, focused entirely on developing newer technologies using in-house catalytic processes, enabling it to emerge as the largest global manufacturer of certain specialty chemicals in terms of installed capacities as of March 31, 2021.
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