The Fine Organic Industries stock made its debut on the BSE and NSE today, rising 4 per cent from the issue price of Rs 783. The scrip listed at Rs 815, reflecting a gain of 4 per cent from the issue price on BSE. It later soared 5.10 per cent to Rs 823. On the NSE, shares of the company listed at Rs 815.
Its market valuation stood at Rs 2,484.07 crore.
In terms of equity volume, 6.33 lakh shares of the company were traded on BSE and over 40 lakh shares changed hands at NSE during the morning trade.
The stock closed 5.08% or 39.80 points higher over issue price at 822.80 on the BSE.
The Fine Organic Industries IPO was launched on June 20, 2018 at a price band of Rs 780 to Rs 783 per equity share to raise around Rs 600 crore. The chemicals firm eyed 25% stake sale or 76,64,994 equity shares of face value of Rs 5 each. The issue closed on June 22. The initial public offer was subscribed nearly nine times.
JM Financial and Edelweiss Financial Services were the book running lead managers of the issue. Karvy Computershare was the registrar of the issue.
The 48-year old company held entirely by the promoters family had filed draft papers with markets regulator Sebi to float the IPO in February.
The firm has three manufacturing facilities in the suburbs of the megapolis, including Ambernath, Dombivli and Badlapur, with a total installed capacity of about 64,300 tonnes per annum.
The company clocked net revenue of Rs 581 crore for the nine-months period ended December 2018. It has launched 387 products and exports accounts for 65 per cent of the total revenue.
The firm is the largest manufacturer of oleochemical-based additives in India and one of the few large players in global oleochemical-based additives industry.
Its earnings before interest, tax, depreciation and amortisation (EBITDA) margins were 18.54%, 22.11%, 18.43% and 17.78% for fiscals 2015, 2016, 2017 and the nine months ended December 31, 2017, respectively.
The firm's profit after tax margins (profit for the period as a percentage of revenue from operations) were 9.28%, 11.55%, 9.84% and 9.97% for fiscals 2015, 2016, 2017 and the nine months ended December 31, 2017, respectively.
Fine Organic Industries is producing a wide range of specialty plant derived oleochemicals-based additives used in the food, plastic, cosmetics, paint, ink, coatings and other specialty application in various industries.
This company had a range of 387 different products sold under the 'Fine Organics' brand.