The shares of\u00a0 Mumbai-headquartered oleochemical-based additives manufacturer Fine Organic listed at Rs 815 on NSE, implying a premium of 4.08% from the issue price of Rs 783. The shares soon rose to hit Rs 823, within the first five minutes of trading.\u00a0Earlier, the initial public offer (IPO) of Fine Organic Industries was subscribed by 8.8 times with investors bidding for 4.72 crore shares of the 53.65 lakh shares on offer. The additives manufacturer 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. Notably, the public offer constituted of a 100% offer-for-sale amounting to 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.\u00a0The company has a range of 387 products sold under the brand name of \u2018Fine Organics.\u2019 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.\u00a0The company was incorporated as Fine Organic Industries (Mumbai) Pvt Ltd on 24 May 2002 in Mumbai. In 2009, the name was changed to Fine Organic Industries Ltd and in 2017, the name was further altered to Fine Organic Industries Ltd. \u201cThe company is bringing the issue at p\/e multiple of approximately 30 on annualized 9MFY18 EPS at price band of Rs 780-783 However looking after the current market volatility & valuations of issue, we recommend long term subscribe on issue,\u201d HEM Securities said in a note. Goldman Sachs India, HDFC Small Cap Fund, SBI Magnum Comma Fund and DSP BlackRock Equity & Bond Fund are some of the anchor investors among the list of 15.