Chemical manufacturer, Gujarat Polysol Chemicals, has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The company plans to raise Rs414 crore from the public issue, proceeds of which will be used for repayment of certain loans and other operational purposes. The company had filed the draft prospectus in March. However, details on the price band, total equity shares for the offer, and the timeline of the issue are yet to be announced.
From the total of Rs414 crore, the company will offer equity shares worth Rs87 crore, and the rest of Rs327 crore will be offer for sale (OFS). Of the total issue, 50% is reserved for qualified institutional buyers (QIB), 15% for non-institutional investors, and the rest of 35% for retail individual investors.
INGA Ventures is the lead manager for the IPO.
Vapi-based Gujarat Polysol Chemicals is one of the leading chemicals manufacturers and suppliers of dispersing agents in the Infra-tech, dye and pigments, and textile and leather industries. It is also a well-known supplier of powder surfactants in India.
The company has a total of three manufacturing facilities with a cumulative manufacturing capacity of 130,400 MT per annum. The units are located in Vapi and Sarigam of Gujarat, and one in the Union Territory of Dadra & Nagar Haveli and Daman and Diu.
