Gujarat Polysol Chemicals IPO: Firm files DRHP for Rs 414-crore initial offer

Gujarat Polysol Chemicals Ltd will use IPO proceeds towards repayment or pre-payment in full or in part of all borrowing availed by the company and general corporate purposes.

New Delhi: Chemical manufacturer Gujarat Polysol Chemicals Ltd (GPCL) has filed its preliminary papers with Sebi to raise Rs 414 crore through an initial public offering. The initial share sale comprises a fresh issue of equity shares aggregating up to Rs 87 crore and an offer-for-sale (OFS) of equity shares aggregating up to Rs 327 crore by its promoters, according to the draft red herring prospectus.

There will be no pre-IPO placement for this issue.

The company will use the net proceeds towards repayment or pre-payment in full or in part of all borrowing availed by the company and general corporate purposes.

The Gujarat-based firm is among the leading supplier of dispersing agents in infra-tech, dye and pigments and textile and leather industries.

For the financial year ended March 2021, the company reported a profit after tax of Rs 40 crore, while the total income stood at Rs 440 crore. Its restated profit for the FY2019-21 grew at a CAGR of 76.42 per cent. Also Read: 5 smartphones could launch next week: Poco, OnePlus, Realme devices likely to hit market

INGA Ventures is the book running lead manager that will advise the company on the IPO. Also Read: Elon Musk to become world’s first trillionaire? Check by when he could achieve the feat