Clean Science and Technology, a speciality chemicals company, plans to raise ₹1,400 crore through an initial public offering. The entire issue will be through offer of sale by existing promoters.
The major share sale by the company’s promoters include Ashok Ramnarayan Boob (₹223 crore), Krishnakumar Ramnarayan Boob (₹84 crore), Siddhartha Ashok Sikchi (₹37 crore) and Parth Ashok Maheshwari (₹70 crore). The company will not receive any proceeds from the IPO.
Clean Science is the largest manufacturer of speciality chemical products such as MEHQ, BHA, Anisole and 4-MAP and manufactures functionally critical speciality chemicals such as performance chemicals, pharmaceutical intermediates and FMCG chemicals.
Established market
Started in 2006, the company has multiple manufacturing facilities in Kurkumbh, MIDC Maharashtra, that are automated to maintain high levels of accuracy and efficiency.
It is among the few companies globally focused entirely on developing newer technologies using in-house catalytic processes that are eco-friendly and cost competitive.
Clean Science Technology is known for an established market position and dominant presence in key speciality chemical products, well-diversified clientele and application of the products largely in industries manufacturing essentials, which limits impact of the Covid pandemic.
The company’s customers include manufacturers and distributors in India and international markets including China, Europe, the US, Taiwan, Korea and Japan. Nearly two-thirds of revenue come from export. Clean Science Technology’s products are used as key starting level materials, as inhibitors, or as additives, by the user industry.
For the nine months ended December, the company has reported a net profit of ₹145 crore against ₹107 crore logged in the same period last year.
