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Specialty chemicals manufacturer Prasol Chemicals Ltd. has received the go-ahead from Indian markets regulator SEBI to float its Rs 800 crores IPO.
Prasol Chemicals Ltd. is a specialty chemicals manufacturer and is among the leading forward integrated manufacturers of acetone derivatives and phosphorus derivatives in India.
Its products find use in 4 industries namely, pharmaceuticals, agrochemicals, home and personal care, and performance chemicals. The company began operations in 1992 and has a network spread across 45 countries.
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The IPO consists of a fresh issue worth Rs 250 crores and an OFS of around 90 lakh shares. The total issue size is estimated to be between Rs 700-800 crores. Judging by the company's DRHP, the company may also consider a further issue of shares to the tune of Rs 50 crores.
Of the fresh issue, Rs 160 crores will be utilized by the company for repayment of the debt, Rs 30 crores for its working capital requirements, and the balance for general corporate purposes.
JM Financial and DAM Capital Advisors are the book-running lead managers to the issue.
"The Offer is being made through the Book Building Process, wherein not more than 50% of the Offer shall be available for allocation to Qualified Institutional Buyers, not less than 15% of the Offer shall be available for allocation to Non-Institutional Bidders and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders,” the company said.
Performance-wise, the company reported a profit of Rs 50.1 crores against revenues of Rs 626.93 crores for the period of 9 months ended in December 2021.
This approval comes at a time when the IPO markets are extremely volatile. On the same day as this approval, IPO-bound SSBA Innovations withdrew its DRHP for a Rs 105 crore issue. This makes SSBA the fourth company this year to scrap its IPO plans.
Article by Aman Agarwal.
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