The company plans to raise funds by offering its equity shares aggregating up to Rs 414 crore through the initial public offering (IPO) route. The offer comprises a fresh issue of up to Rs 87 crore and an offer for sale of equity shares of up to Rs 327 crore by the selling shareholders.
The company is among the leading suppliers of dispersing agents in the Infra-tech, dye and pigments, and textile and leather industries and a leading supplier of powder surfactants in India.
The company proposes to utilise the net proceeds towards funding repayment or pre-payment, in full or in part, of all or certain borrowings availed by the company and for general corporate purposes.
Its restated total income for the six-month period ended September 30, 2021, and for fiscal 2021, fiscal 2020 and fiscal 2019, was Rs 183 crore, Rs 380 crore, Rs 440 crore, and Rs 439 crore, respectively. Its restated profit for the year grew at a CAGR of 76.42 per cent between the fiscals 2019 and 2021, the company said.
The book running lead manager (BRLM) of the issue is INGA Ventures Pvt Ltd.
