Clean Science and Technology IPO subscribed 93 times so far on Day 3; issue to be finalised on 14 July

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The price band of the Clean Science and Technology IPO has been fixed at Rs 880 to Rs 900 per equity share

The Clean Science and Technology (CSTL) Initial public offering (IPO) closes today. On Day 3 of its subscription, the IPO was subscribed 93 times so far. The CSTL IPO opened on 7 July.

Against the IPO size of 1.23 crore equity shares, the offer has received bids for 114.8 crore equity shares.

The portion reserved for retail investors has been subscribed 8.81 times. The portion reserved for the qualified institutional buyers has been subscribed 156.37 times while the bidding for non-institutional investors’ portion has been done 206.43 times.

Bidders can bid for a minimum of 16 shares. Thereafter, they can only bid in multiples of 16. Its price band has been fixed at Rs 880 to Rs 900 per equity share.

A complete offer for sale by shareholders has been offered for the IPO. The CSTL IPO is worth Rs 1,546.6 crore. The OFS is by the promoters of the company including Ashok Ramnarayan Boob, Krishnakumar Ramnarayan Boob, Parth Ashok Maheshwari, and Siddhartha Ashok Sikchi.

On 6 July, the 41 anchor investors of the company raised Rs 463.98 crore. The offer size was reduced from 1.718 crore equity shares to 1.23 crore equity shares.

The funds raised from this issue will be used to increase the visibility of the company and to generate liquidity for the promoter group.

Several brokerage houses gave this issue a ‘subscribe’ rating because of the high financial performance of the company.

As reported by Mint, the specialty chemical company IPO is going to be finalised on 14 July. The issue will be listed on 19 July on NSE and BSE.

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