Fineotex Chemical Limited Announces IPO on 23 February 2011

Top Quote Fineotex Chemical Ltd., a leading company dealing in specialty chemicals and enzymes for several industries, is planning to enter the capital markets with its IPO (Initial Public Offering) offer of 42,11,160 Equity Shares, with heach share being worth INR10. End Quote
  • (1888PressRelease) February 16, 2011 - The issue's price band ranges from INR60 to INR72. The issue is open for subscription from 23 February 2011 to 25 February 2011. The shares are likely to be listed on Bombay Stock Exchange.

    The company's Managing Director and promoter is Surendra Kumar Tibrewala, with the Executive Director being Sanjay Tibrewala. Fineotex Chemical registered a total income of INR13.48 crore for six months ending 30 September 2010, with profit after tax for the same period being INR2.15 crore. The company's syndicate member is Hem Securities Limited and the book running lead manager to this IPO is Indbank Merchant Banking Services Ltd.
    With this acquired capital, the company plans to establish a 13,125 MT/annum-capacity production facility at Khopoli, located in Maharashtra, for manufacturing specialty enzymes and chemicals. Other that that, the funds would be utilized for establishing sales office in Mumbai, as well as meeting public issue expenses and working capital needs, among other regular corporate requirements.

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