NEW DELHI – Prasol Chemicals, a specialty chemicals company, has filed draft papers for its initial public offering with the Securities and Exchange Board of India.
The IPO consists of a fresh issue of up to Rs 250 crore with a face value of Rs 2 per share and an Offer For Sale of up to 9,000,000 equity shares by existing shareholders.
“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,” a release said.
In consultation with lead bankers, the company may consider the further issue of shares aggregating up to Rs 50 crore and if such placement is completed, the fresh issue size will be reduced, the release said.
Rs 160 crore worth of funds from the fresh issue will be used for repayment or pre-payment of certain borrowings and Rs 30 crore for general corporate purposes, the company said.
Prasol Chemicals has a distribution network spanning 45 countries across Asia, North America and the European Union, the release said, adding that acetone and phosphorus derivatives included in its portfolio are used in pharmaceuticals and synthesis of agrochemical active ingredients.
Its products are also used as raw materials in the home and personal care products such as sunscreens, shampoos, flavours, fragrances and disinfectants.
As of December 31, 2021, the company had a portfolio of more than 140 products and a pipeline of 32 products under development, the release said.
The company clocked a profit of Rs 50.10 crore in the nine months ended December 2021 against Rs 25.08 crore and Rs 37.77 crore in FY21 and FY20, respectively.
JM Financial Limited and DAM Capital Advisors Limited are the book-running lead managers and Kfin Technologies is the registrar of the offer.
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