Specialty chemical manufacturer Fineotex Chemical's (FCL) initial public offering subscribed 1.57 times on the last day, as per data available on NSE.
The issue has received bids for more than 66 lakh shares as against issue size of 42,11,160 equity shares.
The reserved portion of retail investors and non-institutional investors were subscribed 4.38 times and 0.22 times, respectively.
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.
