Clean Science, GR Infra IPOs Subscription Day 1: Both issues oversubscribed on first day—check details

The initial public offer launched of two companies — Clean Science and Technology and GR Infraprojects were subscribed 1.70 and 2.28 times respectively on the first day on Wednesday (July 7)

Both the companies’ public offers will remain open till Friday (July 9). Clean Science and Technology is a Pune-based specialty chemical manufacturer, While Udaipur-based GR Infrprojects is a road engineering, procurement and construction company.

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Clean Science IPO received bids for 2,09,47,200 shares as compared to 1,23,02,672 shares on offer, Whereas for GR Infraprojects, investors put in bids for 1.85 crore equity shares against offer size of 81.23 lakh shares, according to data available on exchanges.

For Clean Science, the portion for qualified institutional buyers (QIBs) was subscribed 1 per cent, non-institutional investors, 2.15 times and retail individual investors (RIIs) 2.48 times.

Similarly, retail investors subscribed most for GR Infra, putting in bids 3.25 times, followed by non-institutional investors subscribed 2.68 times, while qualified institutional buyers have put in bids for 49 percent of their reserved portion.

The Rs 1,546.62-crore initial public offering (IPO) of Clean Science is entirely an offer for sale (OFS) by existing promoters and other shareholders. The same goes with GR Infraprojects, the company aims to raise Rs 963.3 crore through IPO comprising a complete offer for sale by existing shareholders.

The price range for the Clean Science offer was fixed at Rs 880-900 per share, whereas, for GR Infra it is Rs 828-837 per share. The former ahead of IPO launch on Tuesday had raised Rs 464 crore from anchor investors, while the latter raised Rs 283 crore a day before the IPO.

The initial public offer of Clean Science is being managed by Kotak Mahindra Capital Company Limited, Axis Capital Limited and JM Financial Limited. While HDFC Bank, ICICI Securities, Kotak Mahindra Capital, Motilal Oswal Investment Advisors, SBI Capital Markets, Equirus Capital are the book running lead managers to GR Infroprojects IPO issue.

The equity shares of both the companies are proposed to be listed on NSE and BSE.