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Fineotex Chemical ends with 101% premium
Specialty chemical manufacturer Fineotex Chemical (FCL) witnessed huge buying interest in the second half of trade on listing day. The stock rallied 101.29% to end at Rs 104.90 as against issue price of Rs 70 a share
Specialty chemical manufacturer Fineotex Chemical (FCL) witnessed huge buying interest in the second half of trade on listing day. The stock rallied 101.29% to end at Rs 104.90 as against issue price of Rs 70 a share.
It has touched a high of Rs 157.90 and low of Rs 74.10, after opening at Rs 80 on the Bombay Stock Exchange. Traded volume was more than 3.45 crore equity shares while the issue size was over 42 lakh shares.
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 company raised nearly Rs 29.5 crore through the issue. It intends to use funds 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.
