Projin : Anupam Rasayan Rs 760-cr IPO to open on Mar 12; issue price at Rs 553-555

Specialty chemical company Anupam Rasayan on Monday fixed a price band of Rs 553-555 a share for its Rs 760-crore initial share-sale, which will open for public subscription on March 12.

The three-day public issue will close on March 16,Anupam Rasayan said in a statement.

The IPO aggregating up to Rs 760 crore is entirely fresh issuance of equity shares and proceeds of the issue would be mainly used to pay debt.

The Surat-based company has reserved about 2.20 lakh shares for employees. Half of the issue is reserved for qualified institutional buyers, 35 per cent for retail investors and 15 per cent for non-institutional bidders.

Anupam Rasayan commenced operations in 1984 with conventional products and now it makes speciality 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 tonnes, of which 6,726 metric tonnes was added in March 2020.

The company mainly caters to the agrochemical, personal care and pharmaceutical sectors, which accounted for over 95 per cent of its revenues in 2019-20. Its clients include Syngenta Asia Pacific, Sumitomo Chemical Company and UPL Limited.

The company’s revenue from operations increased by 45 per cent to Rs 539.22 crore in the nine months ended December 31, 2020 from Rs 371.80 crore in the corresponding year-ago period.

Axis Capital, Ambit Private, IIFL Securities and JM Financial are merchant bankers for the issue.

The company, which filed preliminary papers for the IPO with the regulator in December, obtained its go ahead in February.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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