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Friday, March 11, 2011

The shares of Fineotex Chemical Limited listed on the exchanges today with a bang. Although the share opened at Rs.80/- on the BSE as against an Issue Price of Rs.70/- per share, the price rocketed to levels more than Rs.130 and reached a high of Rs.157.90 during the day, i.e. a stunning premium of 125.5% over the Issue Price. Fineotex Chemical finally closed the listing day at Rs.140.90 a share, at a huge premium of 101.29% over the Issue Price

Fineotex Chemical is in the business of manufacturing specialty chemicals and enzymes consumed by the textile and garment industry, leather, water treatment, construction, paper, paint, adhesives, agrochemical and other industries

Fineotex Chemical saw huge buying interest in the second half of the listing day trade. The hefty premium over the issue price becomes interesting to note particularly in view of the fact that the IPO had received a pretty mediocre response from the investors with subscription figure standing just at 1.57 times on an overall basis

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