Survival Technologies Limited has received final observation from the capital markets regulator, Securities and Exchange Board of India (SEBI), to raise ₹1,000 crore through an initial public offering (ipo).

The public issue with a face value of ₹2 a share consists of a fresh issue of equity shares worth up to ₹200 crore and an offer-for-sale (OFS) of up to ₹800 crore by promoter and selling shareholders, who included Vijaykumar Raghunandanprasad Agrawal, Nimai Vijay Agrawal, and Prabha Vijay Agarwal.

Also read: LIC stake in L&T Technologies crosses 5%

The contract research and manufacturing services firm with a focus on speciality chemical manufacturing in India had filed preliminary IPO papers with Sebi on December 28, 2022.

The company, in consultation with the lead bankers to the issue, may consider a pre-IPO placement of specified securities for cash consideration. If such placement is completed, the issue size will be reduced accordingly.

The proceeds from the fresh issuance worth ₹175 crore will be used towards funding its working capital requirements and general corporate purposes.

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