The initial public offer (IPO) of Fine Organic Industries was subscribed by 8.8 times on Friday, the final day of
the offer with investors bidding for 4.72 crore shares of the 53.65 lakh shares offered to them.
Qualified Institutional Buyers bid for 12.86 times the shares offered to them, high net worth individuals bid for 21 times their allocation, and retail investors bid only 1.25 times. Fine Organic Industries, which is engaged in the manufacture of additives had set a price band of Rs 780 to Rs 783 per share for its initial public offering (IP0). The company has offered 76.64 lakh shares for subscription through the IPO, which priced at the upper price of the band would indicate an issue size of Rs 600 crore.
The 100% offer-for-sale constitutes 25% of the post-offer paid-up capital of the company.
Fine Organics produces additives used in food, plastic, cosmetics, paint, ink, coatings and other application in various industries.
The company has a range of 387 products sold under the brand name of ‘Fine Organics.’ For the nine months ended December 2017, the company posted a profit after tax of Rs 60.9 crore.
For the year ended March 2017, the company posted a profit of Rs 78.4 crore.