A scientist conducts an experiment at a laboratory (Photographer: Simon Dawson/Bloomberg)

Fine Organic Industries IPO Subscribed 9 Times On Final Day Of Bidding

Chemical manufacturer Fine Organic Industries Ltd.’s initial public offer was subscribed nearly nine times on the last day of bidding today.

The IPO, which aims to raise a little over Rs 600 crore, received bids for 4,78,34,875 shares against the total issue size of 53,65,497 shares, translating into an overall subscription of 8.92 times, data available with the NSE till 7:30 pm showed.

The portion reserved for qualified institutional buyers was subscribed 12.86 times, non-institutional investors 21 times and retail investors 1.44 times, merchant banking sources said.

As of yesterday, the IPO was subscribed 39 percent. Fine Organic Industries raised Rs 180 crore from anchor investors ahead of the launch of the offer.

The IPO is of 76,64,994 shares (including anchor portion of 22,99,497 shares). Price band for the offer has been fixed at Rs 780-783 per share. JM Financial and Edelweiss Financial Services are managing the issue.

The shares of the Mumbai-based firm are proposed to be listed on the BSE and NSE.

Fine Organic Industries had filed the draft prospectus with the Securities and Exchange Board of India to float the IPO in February.

Also read: Fine Organics IPO: Here’s All You Need To Know