Specialty chemical manufacturer Fineotex Chemical's (FCL) initial
public offering has subscribed 1.44 times on the last day, as per data
available on NSE.
The issue has received bids for more than 6 lakh shares as against issue size of 42,11,160 equity shares.
The price band was set at Rs 60-72 per equity share of face value of Rs 10 each.
Fineotex Chemical is in the business of manufacturing specialty
chemicals and enzymes consumed by the textile and garment industry,
leather, water treatment, construction, paper, paint, adhesives,
agrochemical and other industries.
The present issue is being made to raise funds more than Rs 30 crore
for setting up of a manufacturing facility for production of specialty
chemicals, setting up of sales office in Mumbai and meeting working
capital requirement, public issue expenses and general corporate
purpose.
FCL�s existing plant, with an installed capacity of 5,000 MT/annum,
is located at Mahape in Navi Mumbai. The company proposes to set up a
new manufacturing facility, at Khopoli in Maharashtra, for the
production of specialty chemicals and enzymes with a capacity of 13,125
MT/annum.
SRC: MC