Anupam Rasayan IPO To Open On 12 March; Price Fixed At Rs 553-555 A Share

The initial public offering (IPO) of Anupam Rasayan India Ltd, which is expected to garner Rs 760 crore, will open on 12 March, with the issue price fixed at Rs 553-555 a share. The offer will close on 16 March.

The company said that it will use the proceeds for the issue to pay off Rs 556.20 crore in debt. As of September, the company had a total debt of Rs 814.48 crore.

It also said that it may consider a pre-IPO placement of shares of up to Rs 100 crore after consultations with investment banks managing the share sale.

About 2.20 lakh shares have been reserved for eligible employees, while up to 50% is reserved for institutional buyers (QIB). Meanwhile, not less than 35% has been reserved for retail investors and not less than 15% of the net issue has been reserved for the non-institutional category.

For the first six months of the financial year 2020-21, Anupam Rasayan reported a profit of Rs 26.48 crore compared with Rs 21.74 crore a year ago. Revenue for the period rose 51.5% on year to Rs 355.13 crore.

The company primarily caters to agrochemical, personal care and pharmaceutical sectors, which account for over 95% of its revenues. Clients include Syngenta Asia Pacific, Sumitomo Chemical Company, and UPL Ltd.

Axis Capital, Ambit Private, IIFL Securities, and JM Financial are the merchant bankers for the issue.