Anupam Rasayan, a specialty chemical company based in Surat, has filed preliminary papers viz. draft red herring prospectus with the markets regulator Securities and Exchange Board of India (Sebi) to raise Rs 760 crore through the primary market. The company will reserve a portion of the IPO for its employees and may also consider a discount for eligible staff, the company said in the draft red herring prospectus, adding that the issue proceeds will be used mainly to repay debt.
The company produces specialty chemicals for the agrochemical, personal care, and pharmaceutical sectors. Its clients include Syngenta Asia Pacific, Sumitomo Chemical Company and UPL.
Anupam Rasayan started operations in the year 1984. It has six multi-purpose manufacturing facilities in Gujarat, with a combined capacity of around 23,396 metric tonne.
Axis Capital, Ambit Private, IIFL Securities and JM Financial are the merchant bankers for Anupam Rasayan’s maiden issue.
Among other IPO candidates, MTAR Technologies, a precision engineering solutions company, had recently filed a draft red herring prospectus with SEBI to an launch an initial public offering, comprising a fresh issue of up to 40 lakh shares equity shares and an offer for sale of a little over 82.24 lakh shares by the promoter.