Chemspec Chemicals files DRHP to raise Rs700 cr via IPO
- The IPO consists of a pure offer for sale by its existing shareholders and promoters
Chemspec Chemicals Ltd has filed a draft red herring prospectus with Securities Exchange Board of India to raise ₹700 crore via initial public offering.
The IPO consists of a pure offer for sale by its existing shareholders and promoters. An OFS consist sale of ₹233.40 crore by Bhaichand Amoluk Consultancy Services LLP while Mitul Vora and Rushabh Vora will each offer shares worth ₹233.30 crore
JM Financial and Axis Capital are the lead managers to the issue.
For fiscal year 2021, its revenue stood at ₹505.91 crore versus ₹596.61 crore a year ago. Net profit for the period stood at ₹81.08 crore against ₹60.75 crore last year.
Chemspec Chemicals are one of the leading manufacturers globally of critical additives for FMCG ingredients used in skin and hair care products and intermediates for pharmaceutical APIs used in anti-hypertension drugs.
Its products are segregated into two segments FMCG and Pharmaceuticals. For FMCG it manufactures active ingredients used in sunscreen lotions and creams, anti-bacterial soaps, anti-dandruff shampoos, and preservatives. As part of the pharmaceutical product segment, it manufactures intermediaries for anti-hypertension drugs.
The company has its manufacturing facility at Taloja. As of March 2021, its facility had a production capacity of 6,000 TPA.
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