MUMBAI: The initial public offering (IPO) Anupam Rasayan India Ltd's Rs760 crore will open on 12 March, with the issue price fixed at ₹553-555 a share. The offer will close on 16 March.
The company has said it may consider a pre-IPO placement of shares of up to Rs100 crore after consultations with investment banks managing the share sale.
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Axis Capital, Ambit Private, IIFL Securities, and JM Financial are the merchant bankers for the issue.
About 2.20 lakh shares have been reserved for eligible employees, while up to 50% of the issue will be set aide for institutional buyers (QIB). For retail investors not less than 35% and for the non-institutional category not less than 15% of the net issue has been reserved.
Proceeds from the issue will be used to pay off Rs556.20 crore in debt. As of September, the company had a total debt of Rs814.48 crore.
For the six months ended September, Anupam Rasayan reported a profit of Rs26.48 crore compared with Rs21.74 crore a year ago. Revenue for the period rose 51.5% on year to Rs355.13 crore.
From FY18 to FY20, the company’s revenues have grown at a CAGR of 24.3% and the EBITDA for FY20 stood at Rs134.90 crore.
Anupam Rasayan primarily caters to agrochemical, personal care and pharmaceutical sectors, which account for over 95% of its revenues. Clients include Syngenta Asia Pacific, Sumitomo Chemical Company, and UPL Ltd.
It has six multi-purpose manufacturing facilities in Gujarat, with four located in notified industrial estate at Sachin, in close proximity to the Adani Hazira Port. Two are located in the notified industrial estate at Jhagadia.
The facilities have a combined aggregate installed capacity of around 23,396 metric tonne, of which 6,726 was added in March last year.
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