The stock debuted at Rs 80, a premium of 14.28% over the initial public offer (IPO) price. So far the stock hit a high of Rs 102 and low of Rs 74.10. On BSE, 24.82 lakh shares were traded on the counter.

The IPO of specialty chemicals and enzymes manufacturer Fineotex Chemical was subscribed 1.57 times. The issue closed on 25 February 2011. The IPO received bids for 66.01 lakh shares compared with 42.11 lakh shares on offer.

Retail individual investors portion was subscribed 4.38 times and non institutional investors category was subscribed 0.22 times. No bids were put in by qualified institutional buyers.

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.

The IPO proceeds will be used to fund the company's expansion, acquisition of plant and machinery and for general corporate purposes. The company also plans to set-up a sales office in Mumbai.

Fineotex at present has a 5,000 metric tonnes plant at Mahape in Navi Mumbai. The company plans to set-up a 13,125 metric tonnes per annum plant at Khopoli in Maharashtra which is expected to become operational by April 2012.