IPO News

Anupam Rasayan receives SEBI’s approval for IPO worth Rs 760 crore

Surat-based speciality chemicals firm Anupam Rasayan India has received SEBI’s approval to raise Rs 760 crore through an initial public offering.

The public offer will comprise of a fresh issue of equity shares of face value of Rs 10 each. Moreover, both BSE and NSE will list the firm’s IPO.

Further, the issue will include 50% quota reserved for QIBs, 15% for non-institutional investors, and 35% for retail investors.

However, the firm will utilise the funds raised from the net proceeds to pay Rs 556.19 crore of its indebtedness.

This comprises term loans, external commercial borrowings, working capital loan besides general corporate purposes.

The company had filed DRHP with the Security Board Exchange of India on December 22, 2021.

In fact, it will consider a pre-ipo placement of equity shares aggregating up to Rs 100 crore. It will also consult with the book running lead managers for the same.

Anupam Rasayan India has carved a niche for itself into speciality chemicals as one of the country’s leading company.

It specializes in multi-step synthesis and complex chemistries such as etherification, acylation, cyclisation, diazotization and hydrolysis.

Currently, it operates out of 6 multi-purpose manufacturing facilities based in Gujarat.

Moving forward, the company’s revenue surged at a CAGR of 24.29 percent from FY18 to FY20.

It also reported 51.51% year-on-year growth in revenue at Rs 355.12 crore for the half year ended September 30, 2020.

The book running lead managers appointed to the issue are Axis Capital, Ambit, IIFL Securities and JM Financial.


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