577189 SIP myths you must know!

Shares of Clean Science and Technology made a stellar market debut on July 19. The stock opened for trading at Rs 1,755 on the NSE, compared to the issue price of Rs 900, implying a premium of 95%. On the BSE, Clean Science and Technology got listed at Rs 1,784, at a premium of 98.27%.

The Rs 1,546.62 crore-public issue was subscribed over 93 times on the final day of subscription on July 9. The three-day IPO received bids for 1,14,92,30,160 shares against 1,23,02,672 shares offered by the company. The quota reserved for qualified institutional buyers (QIBs) was subscribed 156.37 times, non-institutional investors 206.43 times, and retail individual investors (RIIs) 9 times.

Clean Science and Technology is one of the leading chemical manufacturers globally. It manufactures functionally critical specialty chemicals such as Performance Chemicals (MEHQ, BHA, and AP), Pharmaceutical Intermediates (Guaiacol and DCC), and FMCG Chemicals (4-MAP and Anisole).

The company supplies its products to manufacturers and distributors in India as well as overseas markets i.e. China, Europe, USA, Korea, Taiwan, and Japan. Bayer, Genex Laboratories, Nutriad International, SRF, Vinati Organics are a few of its customers. In fiscal 2020, it generated 69% of revenues through export outside India.

As far as financials are concerned the company reported total revenue of Rs 398.46 crore for 9MFY21 compared to Rs 404.56 crore in FY19. Whereas its profit after tax grew to Rs 145.26 crore versus Rs 97.65 crore during the same period.