The IPO consists of a fresh issue of equity shares up to ₹1,000 crore and an offer for sale of up to 1.91 crore shares by the promoters and investors, including the India Resurgence Fund, a joint venture between the Piramal Group and Bain Capital.
The company plans to use the proceeds of the fresh issue to redeem non-convertible debentures issued by the company. This will reduce its outstanding indebtedness debt servicing costs, improve the debt-to-equity ratio and enable utilisation of its internal accruals for further investment in business growth and expansion, according to the DRHP. The company manufactures specialty marine chemicals and is focused on producing and exporting bromine, industrial salt, and sulphate potash to customers worldwide.
The company’s revenue from operations has grown 21% from ₹608.17 crore in FY20 to ₹740.76 crore in FY21. It reported a revenue of ₹66.6 crore for FY21 compared to a loss of ₹36.24 crore in FY20.
