Our Bureau Ahmedabad-based Narmada Bio-Chem Ltd has filed initial papers for an Initial Public Offering (IPO) of up to 72 lakh shares with SEBI and intends to list the shares both on BSE and NSE.

The IPO comprises a fresh issue of upto 54 lakh shares and an offer for sale of up to 18 lakh shares by Narmada Organics Pvt Ltd. The company intends to use the proceeds from the issue to fund working capital requirements and for general corporate purposes, according to the Draft Red Herring Prospectus (DRHP) filed before the market regulator.

The price band, the employee discount and the minimum bid lot will be decided later in consultation with the Book Running Lead Managers (BRLMs). Pantomath Capital Advisors is the BRLM and Karvy Computershare is the registrar to the issue.

At present, the company – which is into manufacturing of chemical and organic fertilisers - has four production facilities, with an installed capacity of about 3.02 lakh MT per annum. It posted a revenue of Rs 171.6 crore on EBITDA of ₹27.7 crore for financial year 2018.