Speciality chemicals and enzymes manufacturer Fineotex Chemical made a smart debut on the Bombay Stock Exchange today, opening at a premium of over 14 per cent against its issue price of Rs 70.
The stock opened the trade at Rs 80, reflecting a jump of 14.28 per cent over the issue price. Within minutes of trade, the scrip skyrocketed by 49.21 per cent to touch an early peak of Rs 104.45.
The company had fixed a price band of Rs 60-72 a share for its Rs 30.32 crore initial public offer.
Fineotex plans to utilise the IPO proceeds to fund its expansion plans as well as for the acquisition of plant and machinery and general corporate purposes.
The company is in the business of manufacturing speciality chemicals and enzymes consumed by the textile and garment industry, leather, water treatment, construction, paper, paint, adhesives, agrochemicals and other industries.