Specialty chemicals firm Clean Science and Technology and construction firm GR Infraprojects are expected to hit the market next week with their initial stock offerings to raise some more ₹2,500 crore in total.
The three-day IPOs will be open for public subscription on July 7 and close on July 9. Auctions for major investors will open on July 6, according to stock exchange data.
The two companies will collectively harvest a total of ₹2,510 crore via IPOs. The shares of the companies will be listed on the BSE and the NSE.
About the Clean Science and Technology IPO:
Clean science and technology ₹The 1,546.62 crore IPO is entirely an Offer to Sell (OFS) by existing promoters and other shareholders. Those offering shares in the OFS include Anantroop Financial Advisory Services, Ashok Ramnarayan Boob, Krishnakumar Ramnarayan Boob, Siddhartha Ashok Sikchi and Parth Ashok Maheshwari.
The specialty chemicals manufacturer has set a price range of ₹880-900 per share for its IPO.
Axis Capital, JM Financial and Kotak Investment Banking are the book managers on the matter.
Clean Science Technology manufactures functionally critical specialty chemicals, such as performance chemicals, pharmaceutical intermediates, and FMCG chemicals. Its products are used as key starting materials, as inhibitors or as additives, by customers, for products.
The company has several manufacturing facilities in Kurkumbh, MIDC Maharashtra, which are automated to maintain high levels of accuracy and efficiency.
The Pune-based company’s customers include manufacturers and distributors in India as well as other international markets including China, Europe, United States of America, Taiwan, Korea and Japan. Almost two-thirds of the company’s income comes from exports.
About the IPO of GR Infraprojects:
The public issue of GR Infraprojects will be a full OFS of 1.15.08.704 shares per promoter and ceding investor. The offer also includes a portion reserved for employees.
Those offering shares in the OFS include Lokesh Builders, Jasamrit Premises, Jasamrit Fashions, Jasamrit Creations Jasamrit Construction and India Business Excellence Fund.
GR Infraprojects, which set a price range of ₹828-837 a share for its IPO, will net 963.28 crore at the high end of the price range.
The Udaipur-based company is a leading integrated highway engineering, procurement and construction (EPC) company with experience in the design and construction of various highway and highway projects in 15 Indian states. It has recently diversified into projects in the rail sector.
The two IPOs come after five companies Shyam Metalics and Energy, Sona BLW Precision Forgings (Sona Comstar), Krishna Institute of Medical Sciences, Dodla Dairy and Indian Pesticides launched their initial public offerings (IPOs) last month. These companies have collectively raised ₹9,923 crore through public broadcasts.
So far this year, 22 companies have launched their IPOs to increase ₹27,426 crores. Apart from that, companies such as Utkarsh Small Finance Bank and Glenmark Life Sciences, Rolex Rings and Seven Islands Shipping have been given the green light from Sebi to launch the IPO.
In addition, around 19 companies are awaiting Sebi’s approval to initiate the first share sale, according to Sebi data.
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