Fine Organic Industries IPO subscribed 39% on second day

The other IPO which also received huge responses were Happiest Minds Technologies and Chemcon Speciality Chemicals, which was subscribed 150.98 times and 149.3 times respectively. Interestingly, both these stocks have seen bumper listing gained over 100 percent. Let's see how the IPO subscription and listing happened in 2020 so far, considered only IPOs issue size over Rs 100 crore.

Chemical manufacturer Fine Organic Industries' initial public offer was subscribed 39 per cent on the second day of the bidding today.

The IPO, to raise little over Rs 600 crore, received bids for 21,10,691 shares as against the total issue size of 53,65,497 shares, data available with the NSE showed.

Qualified institutional buyers' (QIBs) category was subscribed 64 per cent, non institutional investors 4 per cent and retail investors 40 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, which is scheduled to close tomorrow, 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.