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Salient features of the IPO:
• Fine Organics Industries Ltd. (Fine Organics), engaged in the
manufacture of additives is coming with an IPO by offering 7.66mn share between the price range Rs. 780 - 783 per share. The IPO size is in the range of Rs. 5,978.7 - 6,001.7mn.
• The issue is fully OFS, the company will not receive any proceeds from it.

Key competitive strengths:
• Largest producer of oleochemical-based additives in India and one of the few large players in the world
• Diversified product
• Specialized business model with high entry barriers
• Flexible and strategically located production facilities
• Diversified customer base with long-term relationships

Valuation and Outlook
There are no comparable listed companies in India that engage in the same line of business as of Fine Organics. However, few listed entities is considered at the proxy peers for the company. At the higher price band of Rs. 783 per share, its share is valued at a P/E multiple of 30.6x (to its restated FY17 EPS of Rs. 25.6).

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