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.