Fine Organic industries, which is engaged in the manufacture of additives, has set a price band of `780 to `783 per share for its initial public offering (IPO).
The company plans to offer 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 offer will open on June 20 and close on June 22. Bids can be made for a minimum of 19 equity shares and multiples of 19 thereof. The 100% offer-for-sale constitutes 25% of the post-offer paid-up capital of the company.
Fine Organic 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 `60.9 crore. For the year ended March 2017, the company posted a profit of Rs 78.4 crore.
In 2017, 36 companies raised Rs 67,147 crore through IPOs. Listing gains and the positive sentiment in the market are among the reasons attributed to the trend.
Source: Financial Express