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Specialty chemicals firm Anupam Rasayan India Ltd has filed its draft red herring prospectus with the Securities and Exchange Board of India (Sebi) to raise 760 crore through an initial public offering (IPO). The proceeds from the issue will be used to service debt of 556.20 crore. As of September, its total debt was at 814.48 crore.

In April-September, the firm reported a profit of 26.48 crore, against 21.74 crore a year-ago. Its revenue stood at 355.13 crore, up 51.51% from 234.40 crore in April-September 2019.

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Earnings before interest, tax, depreciation and amortization for the period stood at 77.4 crore compared to 57.54 crore in the year-ago period.

Anupam manufacturers specialty chemicals for the agrochemical, personal care, and pharmaceutical sectors, which in FY20 accounted for 95.37% of its revenue.

“Other speciality chemicals" used in speciality pigments and polymer additives contributed the balance.

It operates six multi-purpose manufacturing facilities in Gujarat. While four facilities are located in notified industrial estate at Sachin in Surat and are in close proximity to the Adani Hazira Port, the other two are located in notified Industrial Estate at Jhagadia.

All the facilities have a combined installed capacity of around 23,396 metric tonnes, of which 6,726 metric tonnes were added in March with the commercialization of Jhagadia Unit 5 and Sachin Unit 6.

The company has long-term business with clients, including Syngenta Asia Pacific, Sumitomo Chemical Co., and UPL Ltd across Europe, Japan, the US and India.

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