Anupam Rasayan India Ltd has filed a draft red herring prospectus (DRHP) with the capital market regulator Securities Exchange Board of India (SEBI). The company looks to raise Rs 760-crore through initial public offer (IPO). According to the draft, the net proceeds of the issue will be utilised for the repayment or prepayment of certain indebtedness availed by the company of Rs 556.20 crore and for general corporate purposes. The book running lead managers to the issue are Axis Capital Ltd, Ambit Private Ltd, IIFL Securities Ltd and JM Financial Ltd. While the registrar to Anupam Rasayan India Ltd is KFin Technologies Private Ltd.
Anupam Rasayan engaged in the custom synthesis and manufacturing of specialty chemicals in India. In the fiscal 2020 and in the six months ended September 30, 2020, revenues from its life science-related specialty chemicals vertical accounted for 95.37 per cent and 92.48 per cent, respectively, of its revenue from operations, while revenue from other specialty chemicals accounted for 4.63 per cent and 7.52 per cent, respectively, of its revenue from operations, in such periods. The company operates six multi-purpose manufacturing facilities in Gujarat, with four facilities located at Sachin and two located at Jhagadia.
Surat-based company has decided to reserve a portion for its employees and may consider a discount for eligible staff. 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.
Anupam Rasayan India’s listed peers include PI Industries, Navin Fluorine International Ltd, Astec Lifesciences Ltd and SRF, with P/E of 69.33, 30.25, 46.43 and 30.13, respectively. PI Industries shares were trading firm at Rs 2,228, Navin Fluorine International Ltd at Rs 2,536.50, Astec Lifesciences Ltd at Rs 1,217 and SRF at Rs 5,496.25 apiece. Last week, speciality chemicals manufacturer Laxmi Organic Industries had filed preliminary papers to raise Rs 800 crore through initial public offer.
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