Clean Science IPO shares list at Rs 1,784.4, a 98% premium over issue price
The stock price started off at Rs 1,784.40, higher by Rs 884.40 or 98.27 percent over the issue price of Rs 837 on the BSE.
At 10:03 hours IST, it was quoting at Rs 1,606.85, up Rs 706.85 or 78.54 percent over issue price, with volume of 6.38 lakh equity shares.
Clean Science manufactures functionally critical specialty chemicals such as performance chemicals, pharmaceutical intermediates, and FMCG chemicals. It is the only company globally to deploy vapour-phase technology for manufacturing Anisole from phenol with better atom economy and only water as effluent compared to liquid phase manufacturing process.
The company’s customers comprise direct end-use manufacturers as well as institutional distributors. A majority of company’s revenues are generated from direct sales to customers. Certain of the company’s key customers include Bayer AG and SRF for agrochemical products, Gennex Laboratories for pharmaceutical intermediates, and Vinati Organics for specialty monomer products, Nutriad International NV for animal nutrition.
The company had mobilised Rs 1,546.62 crore through its public issue during July 7-9. These funds will go to selling shareholders as it was an offer for sale issue.
Clean Science registered revenue growth at a CAGR of 28 percent, EBITDA (earnings before interest, tax, depreciation and amortisation) 52 percent, and profit 60 percent during FY18-FY21. The margin expanded to 50.5 percent from 30.2 percent in the same period.