<article>Specialty chemicals maker <a href="https://www.dealstreetasia.com/?s=Fine Organic Industries Ltd" target="_blank" rel="noopener">Fine Organic Industries Ltd</a> on Thursday said that it will launch its Rs600 crore initial public offering (IPO) on 20 June.</article>

Specialty chemicals maker <a href="https://www.dealstreetasia.com/?s=Fine Organic Industries Ltd" target="_blank" rel="noopener">Fine Organic Industries Ltd</a> on Thursday said that it will launch its Rs600 crore initial public offering (IPO) on 20 June.
Fine Organic has set a price band of Rs780-783 per share for the IPO, which will close on 22 June. The Fine Organic IPO—a pure offer for sale—will see the company’s promoters sell 7.66 million shares.
Fine Organic is one of the largest manufacturer of oleochemical-based additives in India. The company produces a wide range of specialty plant derived oleochemicals-based additives used in the food, plastic, cosmetics, paint, ink, coatings and other specialty applications in various industries. The company currently has three production facilities situated in the state of Maharashtra.
As of 31 December, Fine Organic had a range of 387 different products sold under the ‘Fine Organics’ brand, according to the company’s IPO prospectus. Its customers include large FMCG companies such as Hindustan Unilever and Parle Products.
For the financial year 2016-17, the company reported a revenue of Rs818.1 crore, as against a profit of Rs694.9 crore in the previous year. In 2016-17, the company reported a profit of Rs80.2 crore, as compared to a profit of Rs77.7 crore in the previous financial year.
Investment banks JM Financial and Edelweiss are managing the Fine Organic share sale.
Fine Organic is not the only company launching an IPO this month. State-owned engineering consultancy RITES Ltd is also launching its IPO on 20 June. The company has set a price band of Rs180-185 per share. The IPO is a pure offer for sale by the government, which is selling a 12% stake in the company and aims to raise Rs466.2 crore.
Earlier this year, another specialty chemicals company,<a href="https://www.dealstreetasia.com/?s=Galaxy Surfactants Ltd" target="_blank" rel="noopener"> Galaxy Surfactants Ltd</a>, hit the primary market with its initial share sale. The Rs937 crore IPO of Galaxy Surfactants was subscribed 19.76 times.
Incorporated in 1986 and based in Navi Mumbai, Galaxy Surfactants manufactures products used in consumer-focused personal and home care products such as skin, hair and oral care items and cosmetics, toiletries and detergents.
So far this year, 15 companies have raised Rs20,435 crore through IPOs, according to data from primary market tracker Prime Database.
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The Fine Organic IPO—a pure offer for sale—will see the company’s promoters sell 7.66 million shares.

India: Specialty chemicals maker Fine Organic to launch $89m IPO on June 20

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