The initial public offering (IPO) of specialty chemical company Clean Science and Technology has been subscribed 4.28 times on July 8, the second day of bidding. The offer has received bids for 5.26 crore equity shares against IPO size of 1.23 crore equity shares.

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The portion reserved for retail investors has been subscribed 5.42 times, while that of non-institutional investors has been subscribed 4.51 times, as per the data available on the exchanges at 5 pm. The qualified institutional buyers' portion has seen a 2.12 times subscription.

The offer size has been reduced to 1.23 crore equity shares from 1.718 crore equity shares as the company already raised Rs 463.98 crore from 41 anchor investors on July 6 by issuing 51,55,404 equity shares at a price of Rs 900 per share.

Read here:

Clean Science and Technology IPO opens today: All you need to know

The Rs 1,546.62-crore IPO, which will close on July 9, is a complete offer for sale by existing shareholders including promoters.

The price band for the issue is Rs 880-900 per share. The proceeding from the issue will go to selling shareholders.

Read here: Clean Science and Technology IPO opens today: Should investors subscribe?

Clean Science and Technology is the leading manufacturer in several of its products using internally developed processes. Given the company's strong financial performance, industry-leading margins and returns ratios, brokerages have assigned "Subscribe" ratings to the issue.

"We believe that India's specialty chemical industry is going to be one of the biggest beneficiaries of shifting of supply chains post the Covid-19 pandemic. Given CSTL’s financial performance, industry-leading returns ratios and a favorable outlook for the industry, we recommend 'Subscribe' to the issue," said Angel Broking.

First Published:Jul 8, 2021 12:38 PM IST