Specialty chemical company Anupam Rasayan Ltd. has filed preliminary papers with Securities and Exchange Board of India to raise Rs 760 crore through an initial public offering.
Proceeds of the issue would be used mainly for repayment of debt, the company said in the draft red herring prospectus.
The Surat-based company has decided to reserve a portion for its employees and may consider a discount for eligible staff.
Anupam Rasayan commenced operations in 1984 with conventional products and now it makes specialty chemicals that involve multi-step synthesis and complex chemistries.
It has six multi-purpose manufacturing facilities based in Gujarat with a combined aggregate installed capacity of around 23,396 metric tonne, of which 6,726 metric tonne was added in March 2020.
The company mainly caters to the agrochemical, personal care and pharmaceutical sectors, which accounted for over 95% of its revenues in 2019-20. Its clients include Syngenta Asia Pacific, Sumitomo Chemical Company and UPL Ltd.
Axis Capital, Ambit Private, IIFL Securities and JM Financial have been appointed as merchant bankers for the issue.
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