Fine Organic Industries IPO oversubscribed on Day 3

NEW DELHI, June 22: The initial public offer of chemical manufacturer Fine Organic Industries was oversubscribed 1.02 times so far on the last day of bidding today.

The IPO, to raise little over Rs 600 crore, received bids for 54,81,975 shares against the total issue size of 53,65,497 shares, data available with the NSE till 1245 hrs showed.

Till yesterday the IPO was subscribed 39 per cent.

Fine Organic Industries on Tuesday raised Rs 180 crore from anchor investors.

The IPO is of 76,64,994 shares (including anchor portion of 22,99,497 shares).

Price band for the offer has been fixed at Rs 780-783 per share.

JM Financial and Edelweiss Financial Services are managing the issue.

The shares of the Mumbai-based firm are proposed to be listed on the BSE and NSE.

Fine Organic Industries had filed draft papers with the Securities and Exchange Board of India to float the IPO in February. (PTI)


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