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Clean Science and Technology files Rs 1,400-cr IPO papers

In Business
April 17, 2021

Speciality chemical manufacturer Clean Science and Technology has filed preliminary papers with capital markets regulator Sebi to float a Rs 1,400 crore-initial public offer (IPO). The IPO is entirely an offer for sale (OFS) by existing promoters and other shareholders, according to draft red herring prospectus.

Those offering shares in the OFS include Anantroop Financial Advisory Services, Ashok Ramnarayan Boob, Krishnakumar Ramnarayan Boob, Siddhartha Ashok Sikchi, and Parth Ashok Maheshwari. Clean Science Technology manufactures functionally critical specialty chemicals such as performance chemicals, pharmaceutical intermediates and FMCG chemicals. Its products are used as key starting level materials, as inhibitors, or as additives, by customers, for products.

The company is known for an established market position and dominant presence in key specialty chemical products, well-diversified clientele, and application of the products largely in industries manufacturing essentials which limits impact of COVID-19 pandemic.   The Pune-based company’s customers include manufacturers and distributors in India as well as other international markets including China, Europe, the United States of America, Taiwan, Korea, and Japan. Nearly two-third of the company’s revenues comes from exports.

Axis Capital, JM Financial and Kotak Mahindra Capital have been appointed as merchant bankers to IPO. The equity shares of the company will be listed on NSE and BSE.