December 24, 2020
Specialty chemicals manufacturer to use the proceeds for repayment of debt
Surat-based specialty chemicals player Anupam Rasayan Ltd on Thursday announced the filing of draft red-herring prospectus (DRHP) with market regulator SEBI to raise ₹760 crore through an IPO.
The company will use the issue proceeds for repayment of debt. It may consider a discount for staffers bidding for the employee reservation portion of the issue, an official statement said.
Axis Capital, Ambit, IIFL Securities and JM Financial have been appointed as the bankers to the issue. Anupam’s revenues grew at a CAGR of 24.29 per cent from FY18 to FY20 and its EBITDA for FY20 stood at ₹134.90 crore. Half-yearly revenues (April-September) grew 51.51%, from ₹234.40 crore to ₹355.12 crore on a year-on-year basis, despite the Covid-19 pandemic.