Clean Science & Technology made a smashing debut today; as against an IPO price of Rs.900, it got listed on the BSE at Rs.1784, a whopping 98% premium. Profit booking on listing pushed the stock down to Rs.1555 and is now trading at Rs.1604 levels.
The IPO had received an overwhelming response as it was subscribed over 93 times with the HNI portion seeing the lion’s share at 206.43 times, followed by QIBs at 156.37 times and retail at 9 times.
The company is the world’s largest manufacturer of performance chemicals, like MEHQ, BHA, and FMCG chemicals 4-MAP and anisole.
In our New Issue Analysis we had said, “We recommend ‘subscribe’ to the IPO as company fundamentals are extremely healthy indicating high scope for listing gains, as also a good long term pick.”