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Manufacturer of speciality chemical compounds Chemcon Speciality Chemicals Limited on Friday mounted price band at ₹338- ₹340 per share for its preliminary public providing (IPO). The three-day share sale will probably be open for subscription throughout 21-23 September.
The firm goals to boost ₹318 crore at the higher finish of the band with a recent difficulty of fairness shares aggregating as much as ₹165 crore and supply for share (OFS) by promoters of as much as 45 lakh fairness shares.
The difficulty has mounted minimal bid lot at 44 fairness shares or in multiples thereof. “The ground price is 33.eight occasions the face worth of the fairness shares and the cap price is 34 occasions the face worth of the fairness shares,” an organization assertion mentioned.
The firm intends to make the most of internet proceeds from the recent Issue in the direction of capital expenditure in the direction of growth of producing facility, to satisfy working capital necessities and in the direction of normal company functions.
Chemcon is a producer of speciality chemical compounds similar to Hexamethyldisilazane (HMDS) and Chloromethyl Isopropyl Carbonate (CMIC) that are chemical compounds predominately used within the pharmaceutical trade. It manufactures Inorganic Bromides used as completion fluids within the oilfield trade.
As per a Frost & Sullivan Report, the corporate was the one producer of HMDS in India and was the third largest producer of HMDS when it comes to manufacturing in 2019. It earned income from operations of ₹262.05 crore with EBITDA of ₹70.26 crore and revenue after tax is ₹48.85 crore in FY 2020.
“Additionally, the corporate has lengthy standing relationships with its key prospects specifically together with Laurus Labs Limited , Hetero Labs Limited, Aurobindo Pharma Limited ,Macleods Pharmaceuticals Limited, Lantech Pharmaceuticals Limited, Vivin Drugs & Pharmaceuticals Limited , Ind-Swift Laboratories Limited, Water Systems Speciality Chemical DMCC, CC Gran Limited Liability Company, Shree Radha Overseas. It additionally exports its merchandise to international markets protecting US, Germany, Italy, South Korea, People’s Republic of China, Japan, United Arab Emirates, Serbia, Russia, Spain, Thailand and Malaysia,” it mentioned.
Intensive Fiscal Services Private Limited and Ambit Capital Private Limited are guide operating lead managers to the difficulty.
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