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Infra-tech chemicals maker Gujarat Polysols Chemicals Ltd (GPCL) has filed draft papers with the markets regulator, Sebi for an initial public offering (IPO) of upto ₹414 crore.
The issue, according to the draft red herring prospectus (DRHP) filed by the company, comprises a fresh issue of equity shares aggregating up to ₹87 crore and an offer-for-sale (OFS) of equity shares aggregating up to ₹327 crore by its promoters.
One of the leading manufacturers of poly carboxylate ether (PCE) liquid and powder in India, Gujarat Polyols is headquartered at Vapi in Gujarat and has reported ₹380 crore as revenues from operations for the fiscal 2020-21. Net profit for the year was recorded at ₹40 crore.
The net proceeds from the IPO will be utilised for the repayment or pre-payment of debt in part or in full and for general corporate purposes.
INGA Ventures is the book running lead manager - BRLM to issue. The issue doesn’t have the option of pre-IPO placements.
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