Gujarat Polysol Chemicals Limited, amongst the leading chemicals manufacturers for the Infra-tech (Construction), agro, dyes and leather industries in India, has filed its Draft Red Herring Prospectus (“DRHP”) with market regulator Securities and Exchange Board of India (“SEBI”).
The company plans to raise funds by offering its equity shares aggregating up to Rs. 414 crore through Initial Public Offering route. The offer of equity shares comprises of fresh issue aggregating up to Rs. 87 crore (“Fresh Issue”) and Offer for Sale of equity shares aggregating up to Rs. 327 crore by the Selling Shareholders. (“Offer for Sale”)
The Company is also amongst the leading supplier of dispersing agents in the Infra-tech, dye and pigments, and textile and leather industries and a leading supplier of powder surfactants in India.
The company propose to utilise the net proceeds towards funding (i) Repayment or pre-payment, in full or in part, of all or certain borrowings availed by the company and (ii) General corporate purpose.
The aggregate manufacturing capacity of 130,400 MT per annum across company’s manufacturing units which based on end use industry can be classified into (i) Infra-tech (construction) chemicals; (ii) Agro-chemicals (pesticide formulations); (iii) Dyes, pigments and textile chemicals; and (iv) Leather chemicals.
GPCL’s restated total income on for the 6 month period ended September 30, 2021, and for Fiscal 2021, Fiscal 2020 and Fiscal 2019, was Rs. 183 crore, Rs. 380 crore, Rs. 440 crore, and Rs. 439 crore respectively. Its restated profit for the year, grew at a CAGR of 76.42% between the Fiscals 2019 and 2021.
The Book Running Lead Manager is INGA Ventures Pvt Ltd.
