Speciality chemicals firm Anupam Rasayan receives SEBI nod for Rs 760 crore IPO
Anupam Rasayan India has received Sebi's approval to raise Rs 760 crore through an initial public offering
Surat-based speciality chemicals firm Anupam Rasayan India has received market regulator Securities and Exchange Board of India’s (SEBI) approval to raise Rs 760 crore through an initial public offering (IPO).
The public offer will be a complete fresh issue of equity shares of face value of Rs 10 each and will be listed on both exchanges, BSE and NSE
The issue will have 50% quota reserved for QIBs, 15% for non-institutional investors, and 35% for retail investors and funds raised from the net proceeds will be used to pay Rs 556.19 crore of its indebtedness which includes term loans, external commercial borrowings, working capital loan besides general corporate purposes.
The company had filed DRHP with SEBI on December 22, 2021 and may consider a pre-ipo placement of equity shares aggregating up to Rs 100 crore, in consultation with the book running lead managers (BRLM).
Anupam Rasayan India has carved a niche for itself into speciality chemicals that involves multi-step synthesis and complex chemistries such as etherification, acylation, cyclisation, diazotization and hydrolysis. It currently operates out of 6 multi-purpose manufacturing facilities based in Gujarat.
From FY18 to FY20, the company’s revenues have grown at CAGR of 24.29% and its Ebitda for FY20 stood at Rs 134.90 crore. In spite of the lockdown, the company managed to report 51.51% year-on-year growth in revenue at Rs 355.12 crore for the half year ended September 30, 2020.
Bankers appointed to the Issue are Axis Capital, Ambit Private, IIFL Securities and JM Financial
Download Money9 App for the latest updates on Personal Finance.
