Fine Organic Industries files IPO papers with Sebi

Fine Organic Industries today filed draft papers with markets regulator Sebi to float an initial public offering.
Established in 1970, the Mumbai-based firm is a leading producer of speciality additives for foods, plastics, rubbers, paints, inks, cosmetics, coatings, textile auxiliaries, lubes and several other speciality applications.
The initial public offer (IPO) will see sale of up to 76,64,994 equity shares by the existing shareholders, according to the draft prospectus filed with Securities and Exchange Board of India (Sebi).
The company said that listing will enhance its brand name and provide liquidity to the existing shareholders.
"The objects of the offer are to achieve the benefits of listing equity shares on the stock exchanges...The listing will also provide a public market for equity shares in India," it added.

JM Financial and Edelweiss Financial Service will manage the company's public issue. The equity shares are proposed to be listed on BSE and NSE.