Davos-2022
Davos-2022
Davos-2022
Davos-2022
This article is more than 1 year old.

Specialty chemical firm Anupam Rasayan files for IPO to raise Rs 760 crore

Mini

Surat-based Anupam Rasayan has filed draft papers with Sebi for a Rs 760-crore IPO.

Specialty chemical firm Anupam Rasayan files for IPO to raise Rs 760 crore
In one of the best years for initial public offerings, another firm has filed draft papers with Sebi for IPO. Surat-based Anupam Rasayan has filed draft papers with Sebi for a Rs 760-crore IPO.
As per the firm, the issue proceeds would be used mainly for repayment of debt worth Rs 556.20 crore. As of September, the company had a total debt of Rs 861.58 crore.
Bankers appointed to the issue are Axis Capital, Ambit Private, IIFL Securities and JM Financial, the company said.
The company may consider a further issue, by way of a private placement, of equity shares aggregating up to Rs 100 crore at its discretion.
And in case the pre-IPO placement is completed, the issue size will be reduced to the extent of it.
In the first half of FY21, the company had posted a profit of Rs 26 crore as against Rs 22 crore in the year-ago period. Revenue for the period stood at Rs 355 crore, up 51.5 percent YoY.
The company was initially formed as a partnership firm in 1984 and later converted into a joint-stock company. It was registered in 2003.
It is a leading custom manufacturer of specialty chemicals which are used for the Agrochemicals, Anti-Bacterial, Polymers, Pharmaceuticals, Material Sciences. It has six manufacturing sites that are located in the state of Gujarat -- four sites are in Sachin, Surat and two in Jhagadia, Gujarat.
The company has long-term business with clients like Syngenta Asia Pacific, Sumitomo Chemical Company, UPL Ltd across Europe, Japan, US besides India.
next story

Market Movers

Currency

CompanyPriceChng%Chng