Clean Science and Technology IPO subscribed over 95 times on final day of bidding

• The portion reserved for retail investors in the IPO has been subscribed 9 times.
• Clean Science and Technology was looking to raise ₹1,546 crore with a price band of ₹880-900 per share.
• Most analysts had recommended subscribing to the speciality chemical manufacturer’s IPO on strong industry outlook and financials of the company.

The public issue of Pune-based speciality chemical manufacturer Clean Science and Technology saw a blockbuster response from investors, especially from qualified institutional buyers and non-institutional investors.

The issue size was subscribed 95.54 times on the third and final day of the issue on July 9 on strong interest by investors.

The initial public offering (IPO) has received bids for 114.92 crore equity shares against the IPO size of 1.23 crore equity shares.


Over 26.9 lakh applicants have subscribed to the IPO. Highest in recent times -- Indigo Paints had 25.96 lakh applicants and MTAR Technologies had 25.95 lakh applicants.

The company’s ₹1,546 crore IPO was open for subscription from July 7 to July 9.

The entire ₹1,546 crore share sale ⁠— priced at ₹880-900 apiece⁠ was from existing investors Ashok Ramnarayan Boob (₹244 crore), Krishnakumar Ramnarayan Boob (₹193 crore), Siddhartha Ashok Sikchi (₹40 crore) and Parth Ashok Maheshwari (₹75 crore).

Strong bidding for the IPO was also because many analysts had highly recommended investing in the IPO.

The pandemic has been a blessing in disguise for the speciality chemicals sector. The stalling of imports from China in the last year translated to more buyers in India, who were otherwise buying from China, leading to a 20% revenue growth for the company in the year ending March 2021.

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