Anupam Rasayan India could quickly hit Dalal Street with its initial public providing (IPO) just after the business received a nod from capital market place regulator Securities Exchange Board of India (SEBI) to raise Rs 760 crore. SEBI, in an update on its web site, mentioned that Anupam Rasayan was issued observations on February 26, providing the business 3 months to launch the IPO below the authorized proposal. So far in 2021, as several as eight corporations have launched their IPOs on Dalal Street and several more are in the pipeline to tread on the exact same path amidst the liquidity-driven stock market place rally.
Anupam Rasayan India is one of the top corporations involved in the custom synthesis and manufacturing of specialty chemical substances in India. The situation of Anupam Raasayan will solely be a fresh situation of equity shares, according to the draft document filed with SEBI earlier in December. The situation will have 50% quota reserved for QIBs, 15% for Non-institutional investors, and 35% for retail investors. Anupam Rasayan’s IPO will also have a devoted portion reserved for staff of the business.
The business plans to use the funds it will raise via the IPO for the repayment or prepayment of debt, equalling Rs 556 crore. The remaining quantity will be made use of for common corporate purposes, according to the document. Prior to the situation, the promoter group of the business owns a 76.8% stake in the business although public shareholding is at 23.2%.
The business has 2 distinct organization verticals life science-connected specialty chemical substances comprising goods connected to agro-chemical substances, private care and pharmaceuticals, and other specialty chemical substances, comprising specialty pigment and dyes, and polymer additives. Rapid industrialization in India and China is anticipated to drive demand for specialty chemical substances, additional aiding the development of Anupam Rasayan. The draft give document claims the industry’s capacity utilization had decreased to roughly 40% to 60% through the peak of the pandemic and lockdown in April to June 2020 due to labour shortages and disruptions in the provide of raw material.
In the prior fiscal year and in 6 months ended September 30, 2020, revenues of Anupam Rasayan from its life science-connected specialty chemical substances vertical accounted for 95.37% and 92.48%, respectively, although income from other specialty chemical substances accounted for 4.63% and 7.52%, respectively, of its income from operations. Axis Capital noted that the business has created powerful and extended-term relationships with several multinational corporations, like, Syngenta Asia Pacific Pte. Ltd., Sumitomo Chemical Co. Ltd. and UPL Ltd. that has helped them expand their item offerings and geographic attain across Europe, Japan, United States and India.