The shares of Fine Organic Industries Limited, which listed on the bourses on Monday, lost steam soon after opening at Rs 815, at a premium of 4.08 per cent over its issue price of Rs 783. At 12:06 pm, the shares of Fine Organic were trading at Rs 807.50 with a loss of Rs 7.50 or 0.92 per cent on the National Stock Exchange (NSE). On the Bombay Stock Exchange, the share price was Rs 807.75, with a loss of Rs 7.25 or 0.89 per cent over the opening price. The initial public offering or IPO of Fine Organic was subscribed nearly nine times, according to NSE.
In intra-day trade, Fine Organic shares hit a high of Rs 823 and a low of Rs 787 on the BSE. On the NSE, Fine Organic shares hit a high of Rs 823.85 and a low of Rs 786.65.
Fine Organic is a producer of specialty additives for foods, plastics, rubbers, paints, inks, cosmetics, coatings, textile auxiliaries, lubes and several other specialty applications. It issued shares to the public in an initial public offering or IPO between June 20 and 22. The price band of the issue was Rs. 780 and Rs. 783 per share. The book running lead managers were JM Financial Limited and Edelweiss Financial Services Limited. The issue comprised 25 per cent of post-issue paid up capital.
At the time of its IPO, Fine Organic highlighted that it is dependent on two of its suppliers for raw materials and any disruption in supply could have a material adverse effect on its operations and financial conditions.
The earnings per share of Fine Organic Industries was Rs. 26.24 for fiscal 2017.
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