Gujarat Polysol Chemicals has filed preliminary paperwork for an IPO of Rs 414 crore
- ByStartupStory | March 25, 2022
Gujarat Polysol Chemicals has submitted its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India, according to the company (SEBI).
The company intends to earn money by selling equity shares worth up to Rs 414 crore in an initial public offering (IPO). The offer includes a fresh issue of up to Rs 87 crore and an offer by the selling shareholders to sell equity shares worth up to Rs 327 crore.
In India, the company is a key provider of dispersion agents to the infra-tech, dye and pigments, textile and leather sectors, as well as a major supplier of powder surfactants.
The net proceeds will be used to cover the repayment or prepayment, in full or in part, of all or certain of the company’s borrowings, as well as for general corporate purposes.
Its corrected total income for the six months ended September 30, 2021, as well as for fiscal 2021, fiscal 2020, and fiscal 2019, was Rs 183 crore, Rs 380 crore, Rs 440 crore, and Rs 439 crore, respectively, for fiscal 2021, fiscal 2020, and fiscal 2019. The company claimed its restated profit for the year climbed at a CAGR of 76.42 percent between fiscal years 2019 and 2021. INGA Ventures Pvt Ltd is the issue’s book running lead manager (BRLM).
The Vapi-based company has three manufacturing facilities with a total capacity of 130,400 mt per year.
In the six months ending September 2021, it made a profit of Rs 15.52 crore on revenue of Rs 181.85 crore. In FY21, profit nearly doubled to Rs 39.84 crore, although revenue fell 14% to Rs 379.6 crore from the previous year.
INGA Ventures is the offer’s book running lead manager. The BSE and the National Stock Exchange of India are proposing to list the company’s equity shares.
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