INEOS Styrolution slumps as OFS begins

19 Apr 2022 , 11:12 AM

Through the OFS, the companys promoter, Ineos Styrolution APAC, is selling up to 25,32,330 equity shares (representing 14.40% stake), with an option to sell an additional 9.60% stake, or 16,88,220 equity shares in case of oversubscription.

The floor price for the OFS is Rs 800 per equity share, at a 25.79% discount to INEOS Styrolution Indias closing price of Rs 1078 recorded on the BSE on Monday, 18 April 2022.

The total OFS size (base size + green shoe) stands at 42,20,550 shares, representing 24% of outstanding equity shares of the company, the value of which (at floor price) aggregates to Rs 337.64 crore.

Promoter, Ineos Styrolution APAC, held 75% stake in INEOS Styrolution India as of 31 March 2022.

The OFS opened on Tuesday (19 April 2022) for non-retail investors, while both retail as well as non-retail investors will be able to subscribe on Wednesday (20 April 2022). A total of 10% of the offer size is reserved for retail investors.

As on 10:55 IST, the OFS received subscription for 12,992 shares. It was subscribed 0.57% on the base non-retail offer size of 22,79,097 shares and 0.34% on the total non-retail offer size (base size + green shoe) of 37,98,495 shares.

INEOS Styrolution India is the leading producer of ABSOLAC (ABS) and ABSOLAN (SAN) in India. ABS is a plastic resin produced from Acrylonitrile, Butadiene & Styrene, used for manufacturing of home appliances, automobiles, consumer durables and business machines.

The companys net profit tumbled 54% to Rs 47.42 crore on 5.6% increase in net sales to Rs 511.91 crore in Q3 FY22 over Q3 FY21.

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