Gujarat Polysols Chemicals, Files DRHP For Rs 414-Crore IPO

Chemical manufacturer Gujarat Polyols 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. INGA Ventures is the book running lead manager that will advise the company on the IPO.

(PTI)