New Delhi: The company which uses micronized minerals and for ultrafine minerals ranging from 20 microns to 2 microns particle size for the paints and plastic industry, has filed the Draft Red Herring Prospectus (“DRHP”) with the Securities and Exchange Board of India (“SEBI”) to enter the capital market soon with an Initial Public Offering (“IPO”) of 94,25,632 equity shares of Rs10 each for cash at a price (“Equity Shares”) to be decided through a 100% book building process.
Upto 4,71,282 equity shares will be reserved for subscription by eligible employees and the Issue will constitute 49.10% of the post issue paid up capital of the company.
The Issue comprises a Net Issue to public of 67,50,000 Equity Shares of Rs10 each and an offer for sale of 26,75,632 equity shares by Gujarat Venture Capital fund 1995 (the “Selling Shareholders”). The Equity Shares are proposed to be listed on Bombay Stock Exchange Ltd. (“BSE”) and National Stock Exchange of India Ltd. (“NSE”).
The company has a strong R&D section and has introduced minerals of sub micron size, helping industrial segments to get benefits in terms of functional properties and pricing of products.
With constant efforts and technical support, 20ML popularized the concept of finer calcium carbonate and other minerals fillers and innovated a good substitute for the paint and plastic industry. Usage of grades of finer particle in the range of 20 Microns and finer grades for Calcium Carbonate/Talc/Kaolin/Dolomite and Mica is very common now for various industrial segments.