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Prasol Chemicals IPO: Specialty chemical maker to bring 800 crore IPO, papers filed with SEBI

According to the Red Herring Prospectus (DRHP), fresh shares of up to Rs 250 crore will be issued under this IPO of Prasol Chemicals.

Prasol Chemicals IPO: Specialty chemical company Prasol Chemicals is going to bring its IPO. The company has filed a draft paper with the market regulator SEBI for this. The company wants to raise Rs 800 crore through this IPO. According to the Red Herring Prospectus (DRHP), fresh shares of up to Rs 250 crore will be issued under this IPO. At the same time, 90 lakh equity shares will be sold by the existing shareholders under the offer for sale (OFS).

Fund will be used here

Out of the funds raised through this IPO, Rs 160 crore will be used to pay off the debt. In addition, an amount of Rs 30 crore is planned to be used for working capital requirements. The fund is also to be used for general corporate purposes. The company may consider another issue of equity shares up to Rs 50 crore. If this placement is completed, the size of the new issue will be reduced. According to market sources, the company can raise around Rs 700-800 crore through this IPO.

Know about the company

Prasol Chemicals is India’s leading manufacturer of Acetone and Phosphorus derivatives. The company has expanded the scope of its business and operations. The company has thus established itself from a small scale manufacturer to a large diversified specialty chemical company with a global presence. Several acetone and phosphorus derivatives included in the company’s portfolio are used in the synthesis of pharmaceuticals, agrochemical active ingredients and formulations. In addition, the company’s products are used as an important raw material in the household and personal care products such as sunscreens, shampoos, flavors, fragrances and disinfectants.

The company has made a profit of Rs 50.10 crore for the nine months ended December 2021. Along with this, the company has made a profit of Rs 25.08 crore in FY 2021 and Rs 37.77 crore in FY 2020. Its revenue from operations stood at Rs 626.93 crore for the nine-month period ended December 2021. At the same time, it stood at Rs 595.54 crore in FY 2021 and Rs 531.24 crore in FY 2020. JM Financial and DAM Capital Advisors are the book-running lead managers to the issue. (Input-PTI)

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