Balaji Speciality Chemical compounds has filed preliminary with capital markets regulator Sebi to boost funds by means of an preliminary public providing (IPO).
The IPO consists of a recent problem of fairness shares price as much as ₹250 crore and an offer-for-sale (OFS) of as much as 2,60,00,000 fairness shares by promoters and promoter group entities, in accordance with the draft crimson herring prospectus (DRHP).
Proceeds price ₹68 crore from the recent problem can be used to repay debt, and ₹119.5 crore can be spent on working capital necessities, apart from common company functions.
The corporate might take into account a pre-IPO placement aggregating to ₹50 crore. If such placement is undertaken, the dimensions of the recent problem can be decreased.
Included in 2010, Solapur-based Balaji Speciality Chemical compounds manufactures area of interest chemical substances, that are utilized in varied end-use industries, reminiscent of speciality chemical substances, agrochemicals and prescribed drugs.
Its key prospects embody Nanjing Union Chemical Firm Restricted, Korea India Restricted, UPL Restricted, Dr Reddy’s Laboratories Restricted and Aarti Medicine Restricted. From FY20 to FY22, its buyer base grew from 45 to 182 prospects.
It had a complete put in manufacturing capability of 30,000 MTPA as of March 31, 2022.
The corporate’s income from operations elevated from ₹174.40 crore in fiscal 2021 to ₹514.28 crore in FY22. It clocked a revenue of ₹108.95 crore in FY22 in opposition to ₹10.40 crore a yr in the past.
HDFC Financial institution and JM Monetary are the book-running lead managers to the problem. The fairness shares of the corporate can be listed on BSE and NSE.
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Supply: Live Mint