Fine Organic IPO Subscribed 0.12 Times On First Day Of Bidding
Day 1 Subscription
- Qualified institutional buyers: 0.17 times
- Non-institutional bidders: 0.01 times
- Retail investors: 1.13 times
- Overall: 0.12 times
The Rs 600-crore initial public offering of Fine Organic Industries Ltd. was subscribed 0.12 times on the first day of bidding today.
The portion reserved for qualified institutional buyers was subscribed 0.17 times the number of shares on offer, while the retail investors portion was subscribed 0.13 times, according to data available with the stock exchanges. The non-institutional bidder’s segment saw muted demand, subscribed only 0.01 times the shares on offer.
Through the initial public offer, promoters are looking to reduce a part of their stake. After the share sale, promoter holding will decline to 75 percent from 100 percent now. The company is valued at Rs 2,400 crore at the upper end of the price band.
Fine Organic makes oleo chemical-based additives used in plastic, cosmetics, paint, ink and coatings, among others. As on Dec. 31, it had a range of 387 different products which it sells under the ‘Fine Organics’ brand.