Clean Science and Technology
Mainboard₹1,547 Cr issue
+98.27%
Listing gain over issue price
Issue size
₹1,547 Cr
1 lot at cut-off
₹14,400
Lot size
16shares
Open
07 Jul 2021
Close
09 Jul 2021
Allotment
14 Jul 2021
Listing
19 Jul 2021
Listing performance
Issue price
₹900
Listed at
₹1,784.40
Listing-day close
₹1,585.25
Latest price
₹713.50
Close on 23 Oct 2026
Listing gain
+98.27%
Return since issue
-20.72%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 07 Jul 2021 – 09 Jul 2021
- Listing date
- 19 Jul 2021
- Face value
- ₹1 per share
- Issue price
- ₹900 per share
- Lot size
- 16 shares
- Total issue size
- ₹1,547 Cr
- Market cap at offer price
- ₹9,560 Cr
- Promoter holding
- 94.65% → 78.51% pre-issue → post-issue
- ISIN
- INE227W01023
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Axis Capital Ltd.
- Registered office
- Office No.503, Pentagon Tower P-4, Magarpatta City, Hadapsar, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 51,55,404 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 16 shares per lot, in multiples, at ₹900
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 16 | ₹14,400 |
| Retail (max) | 13 | 208 | ₹1,87,200 |
| S-HNI (min) | 14 | 224 | ₹2,01,600 |
| S-HNI (max) | 69 | 1,104 | ₹9,93,600 |
| B-HNI (min) | 70 | 1,120 | ₹10,08,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
51,55,404
Anchor portion
₹464 Cr
at ₹900 per share
Valuation and performance
Valuation at offer price
₹900 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹9,560 Cr |
About Clean Science and Technology
Clean Science and Technology Limited, incorporated in 2003 and converted to public limited in 2021, manufactures functionally critical specialty chemicals. The company was established on 'green' or eco-friendly manufacturing processes led by differentiated catalytic technologies. Its products are used across multiple industries including paints and inks, agro-chemicals, pharmaceuticals, flavours and fragrance, food and animal nutrition, and personal care. The company operates manufacturing facilities at Kurkumbh Industrial Area in Maharashtra. In Fiscal 2021, total revenue from operations was ₹5,124.28 million with profit after tax of ₹1,983.80 million.
Company Analysis
from RHPClean Science manufactures specialty chemicals including Performance Chemicals (MEHQ, BHA, AP), Pharmaceutical Intermediates (Guaiacol, DCC), and FMCG Chemicals (4-MAP, Anisole) used as polymerization inhibitors, intermediates, and additives across pharmaceuticals, agrochemicals, paints, inks, flavours, food, and personal care industries.
Clean Science and Technology Limited, incorporated in 2003 and converted to public limited in 2021, manufactures functionally critical specialty chemicals. The company was established on 'green' or eco-friendly manufacturing processes led by differentiated catalytic technologies. Its products are used across multiple industries including paints and inks, agro-chemicals, pharmaceuticals, flavours and fragrance, food and animal nutrition, and personal care. The company operates manufacturing facilities at Kurkumbh Industrial Area in Maharashtra. In Fiscal 2021, total revenue from operations was ₹5,124.28 million with profit after tax of ₹1,983.80 million.
Specialty chemicalsPharmaceuticalsAgrochemicalsPaints and inksFlavours and fragranceFood and animal nutritionPersonal care (cosmetics)
Objects of the Issue
- Achieve benefits of listing and conduct Offer for Sale by Selling Shareholders ₹15,466.22 million p.13
- Offer for Sale by Selling Shareholders - The Company will not receive any proceeds from the Offer. All proceeds will be received by Selling Shareholders in proportion to Offered Shares sold by respective Selling Shareholders. ₹15,466.22 million p.88
- Achievement of benefits of listing p.88
Issue Structure
- Total Issue
- ₹15,466.22 million
- Fresh Issue
- Nil
- Offer for Sale
- 17,184,682 Equity Shares aggregating to ₹15,466.22 million
- Price Band
- ₹880 (Floor Price) to ₹900 (Cap Price) per Equity Share
- Lot Size
- 16 Equity Shares minimum bid lot
- Face Value
- ₹1 per Equity Share
Business Model
The company manufactures and sells specialty chemicals in batches. Revenue is generated through direct sales of Performance Chemicals (MEHQ, BHA, AP), Pharmaceutical Intermediates (Guaiacol, DCC), and FMCG Chemicals (4-MAP, Anisole) to multinational corporations and customers globally. In Fiscal 2021, top 10 customers represented 47.90% of total revenues, with the largest customer contributing 13.28% of revenue. The company exports 68.36% of revenues (Fiscal 2021).
Business Segments
MEHQ, BHA and AP used as polymerization inhibitors, anti-oxidants, UV blockers
Guaiacol and DCC used as intermediates for pharmaceuticals
4-MAP and Anisole used in fast moving consumer goods applications
Manufactures specialty chemicals used as raw materials in pharmaceuticals, personal care, agrochemicals, flavors and fragrances, food and animal nutrition, and automotive industries
Comprises MEHQ (polymerization inhibitor), BHA (antioxidant), and Ascorbyl Palmitate (antioxidant for anti-aging products). MEHQ is used in acrylic fibers, inks, agrochemicals, cosmetics, topical drugs. BHA is used in food packaging, animal feed, rubber, cosmetics, petroleum products. Ascorbyl Palmitate is used in infant food, cereals, cosmetics, and topical dermatology drugs.
Comprises Guaiacol (precursor for vanillin and active pharmaceutical ingredients, used in cough syrups) and DCC (anti-retroviral reagent used in pharmaceuticals). Guaiacol is also used in pharmaceutical industry for manufacturing cough syrups and as key raw material for Vanillin.
Comprises 4-MAP (specialty chemical with UV blocker properties used in cosmetics industry) and Anisole (precursor to perfumes, insect pheromones, and pharmaceuticals). 4-MAP is used in personal care (cosmetics) and flavors and fragrance industry. Anisole is used in cosmetics, pharmaceutical, agrochemicals industries, with majority produced for captive consumption in manufacturing key products.
Manufactures MEHQ, Guaiacol, 4MAP, Anisole, AP, BHA, and DCC for domestic and international markets
Manufactures MEHQ, BHA and AP used as polymerization inhibitors, stabilizers and synthetic antioxidants
Manufactures Guaiacol and DCC used as precursors for vanillin production, pharmaceuticals synthesis, and dehydrating agents
Manufactures 4-MAP and Anisole used as spice, medicine and make-up intermediates, UV filter ingredients, and precursors to perfumes
SWOT Analysis
Strengths
- • Established on eco-friendly manufacturing processes with differentiated catalytic technologies(p.13)
- • Significant market share in specialty chemicals segments(p.31)
- • Long-term relationships with multinational corporations(p.25)
- • Consistent revenue growth trajectory(p.38)
- • Strong profitability metrics(p.15)
- • Established R&D capabilities in complex specialty chemical synthesis(p.40)
- • Track record of introducing green chemistry innovations(p.40)
- • Experienced promoters with deep sector expertise(p.43)
- • Strong financial position with high equity base(p.61)
- • Profitable operations with growing revenue(p.62)
- • Track record of strategic process innovation through consistent R&D initiatives(p.128)
- • Among the largest producers globally of functionally critical specialty chemicals across diverse industries(p.127)
- • Experienced Promoters and senior management with extensive domain knowledge(p.125)
- • Strong and long-standing relationships with key customers(p.128)
- • Automated manufacturing facilities with proven design and commercialization capabilities(p.128)
- • Strong and consistent financial performance(p.127)
- • ISO-certified manufacturing and quality management systems(p.145)
- • Multiple product manufacturing capability established over time(p.145)
- • Government incentive agreement for Maharashtra investment(p.145)
- • Export recognition and awards for chemical products(p.145)
- • Strong experienced management team with chemical industry expertise(p.151)
- • Leading global manufacturing capacity in specialty chemicals(p.258)
- • Proprietary catalytic process technology developed in-house(p.258)
- • Eco-friendly production with zero liquid discharge(p.258)
- • Strong profitability and margin performance(p.259)
- • High cash generation from operations(p.259)
- • Experienced promoter team with 60+ years combined industry experience(p.258)
- • Long-standing customer relationships with over 10 years tenure(p.259)
- • Consistent revenue growth trajectory(p.259)
Weaknesses
- • None of catalytic processes are patented, creating intellectual property vulnerability(p.24)
- • High dependence on a limited number of key customers(p.25)
- • Heavy concentration of revenues from single product (MEHQ)(p.29)
- • All manufacturing facilities concentrated in single geographic location(p.31)
- • Past instances of non-compliance and regulatory filing errors(p.25)
- • Group companies have incurred losses(p.29)
- • High employee attrition impacting operational stability(p.43)
- • Dependency on key personnel and promoters(p.43)
- • Concentrated customer base creating revenue risk(p.40)
- • Low R&D spending relative to revenue(p.41)
- • Substantial trade receivables exposure(p.42)
- • Historical non-compliance with CSR requirements(p.46)
- • Past regulatory filings errors and non-compliances(p.59)
- • Dependence on limited customer base(p.127)
- • Exposure to raw material price volatility due to spot-based procurement(p.135)
- • Intellectual property protection limitations(p.137)
- • Capacity utilization below optimal levels(p.126)
- • High concentration of shareholding among promoter group(p.154)
- • Dependency on small number of key managerial personnel(p.162)
- • Time and cost overruns experienced in past capacity expansion(p.145)
- • Past relationship with listed company experiencing trading suspension(p.152)
- • High dependence on top 10 customers(p.260)
- • Significant exposure to raw material price volatility(p.260)
- • Reliance on short-term purchase order arrangements(p.260)
- • Lower capacity utilization in certain product categories(p.261)
- • Execution risks in capacity expansion plans(p.261)
Opportunities
- • Expansion of manufacturing capacities to support growth(p.33)
- • Development of new catalytic processes for new products(p.38)
- • Growth in specialty chemicals market for pharmaceuticals and personal care(p.13)
- • International market expansion across multiple geographies(p.29)
- • Growth through expansion of manufacturing capacity(p.44)
- • Increasing demand for green and specialty chemicals(p.40)
- • Expansion into new geographic markets and customer segments(p.41)
- • Strategic acquisitions and partnerships(p.43)
- • Expand manufacturing capacities of existing products and new products(p.133)
- • Leverage R&D capabilities to develop new product portfolio(p.130)
- • Capitalize on shift from China to India as alternative supply source(p.129)
- • Expand sales and distribution network in international markets(p.130)
- • High-growth markets in specialty chemicals(p.127)
- • Expansion into renewable energy generation business(p.145)
- • Land acquisition for manufacturing capacity expansion(p.145)
- • Export growth leveraging government incentives(p.142)
- • Consumer goods regulatory framework creating market access(p.142)
- • Expand manufacturing capacities for existing and new products(p.261)
- • Growing specialty chemicals market in regulated industries(p.259)
- • Diversify into new product categories and applications(p.258)
- • Leverage global export market presence(p.262)
- • Strengthen R&D for product innovation(p.261)
- • Strategic backward integration opportunities(p.258)
Threats
- • Intense competition from domestic and multinational corporations(p.33)
- • Foreign exchange fluctuation risks(p.32)
- • Volatility in raw material prices and supply disruptions(p.28)
- • Dependence on imported raw materials exposed to trade barriers(p.33)
- • Geopolitical risks affecting China trade relations(p.34)
- • Stringent environmental and safety regulations increasing compliance costs(p.34)
- • Industrial accidents and hazardous materials risks(p.27)
- • Dependence on continuous electrical power and water supply(p.33)
- • Capacity expansion plans subject to delays and cost overruns(p.33)
- • Intensifying competition from well-resourced global competitors(p.40)
- • Product quality issues damaging customer relationships and reputation(p.41)
- • Inventory and demand forecasting risks(p.41)
- • Dependence on third-party logistics providers(p.43)
- • Continued COVID-19 pandemic disruptions(p.39)
- • Indian economic slowdown and inflation pressures(p.49)
- • Raw material supply chain disruptions and price volatility(p.39)
- • Leasehold facility tenure and renewal risks(p.42)
- • Debt covenant restrictions limiting operational flexibility(p.42)
- • Regulatory and tax policy changes(p.51)
- • COVID-19 pandemic impact on business operations(p.126)
- • Raw material price volatility and supply chain disruptions(p.128)
- • Competition from domestic and multinational corporations(p.136)
- • Regulatory and environmental compliance risks(p.134)
- • Capacity expansion implementation delays and cost overruns(p.133)
- • Regulatory oversight of weights, measures and product standards(p.142)
- • Compliance burden from multiple tax regulations across states(p.143)
- • Restrictive foreign trade policy subject to government discretion(p.142)
- • Intellectual property protection dependent on statutory registration(p.143)
- • Consumer penalty exposure for non-compliance(p.142)
- • Volatile crude oil and raw material prices(p.260)
- • Foreign currency exchange rate fluctuations(p.262)
- • Regulatory and compliance requirements affecting operations(p.261)
- • COVID-19 pandemic impact on operations and demand(p.259)
- • Global specialty chemicals industry competition and differentiation(p.261)
- • Dependence on key customer demand and economic cycles(p.260)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ashok Ramnarayan Boob | Promoter | 15.36% | — |
| Krishnakumar Ramnarayan Boob | Promoter | 4.67% | — |
| Siddhartha Ashok Sikchi | Promoter | 3.39% | — |
| Parth Ashok Maheshwari | Promoter | 6.36% | — |
| Ashok Ramnarayan Boob | Promoter | 15.36% | 15.36% |
| Krishnakumar Ramnarayan Boob | Promoter | 4.67% | 4.67% |
| Siddhartha Ashok Sikchi | Promoter | 3.39% | 3.39% |
| Parth Ashok Maheshwari | Promoter | 6.36% | 6.36% |
| Asha Ashok Boob | Promoter Group | 12.39% | 12.39% |
| Ashokkumar Ramkishan Sikchi HUF | Promoter Group | 11.39% | 11.39% |
| Ashok Ramnarayan Boob | Promoter | 15.36% | 12.81% |
| Krishnakumar Ramnarayan Boob | Promoter | 4.67% | 2.65% |
| Siddhartha Ashok Sikchi | Promoter | 3.39% | 2.97% |
| Parth Ashok Maheshwari | Promoter | 6.36% | 5.56% |
| Ashok Ramnarayan Boob | Promoter | — | — |
| Krishnakumar Ramnarayan Boob | Promoter | — | — |
| Siddhartha Ashok Sikchi | Promoter | — | — |
| Parth Ashok Maheshwari | Promoter | — | — |
| Ashok Boob | Promoter/Managing Director | 15.36% | — |
| Asha Boob | Promoter | 12.39% | — |
| Ashokkumar Ramkishan Sikchi HUF | Promoter | 11.39% | — |
| Ashok Ramnarayan Boob HUF | Promoter | 6.30% | — |
| Parth Maheshwari | Promoter | 6.36% | — |
| Nidhi Mohunta J/w Ashok Boob | Promoter | 6.36% | — |
Leadership
Ashok Ramnarayan Boob · Managing Director
Pradeep Ramwilas Rathi · Chairman and Non-Executive Director
Mahesh Arvind Kulkarni · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Clean Science and Technology IPO FAQs
What is the lot size of Clean Science and Technology IPO?
The minimum lot size of Clean Science and Technology IPO is 16 shares. One lot costs ₹14,400 at the cut-off price.
When does Clean Science and Technology IPO open and close?
Clean Science and Technology IPO opened for subscription on 07 Jul 2021 and closed on 09 Jul 2021.
What is the listing date of Clean Science and Technology IPO?
Clean Science and Technology IPO listed on 19 Jul 2021.