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Vadodara-based Tatva Chintan Pharma Chem Ltd (TCPCL), a specialty chemicals manufacturing company, has filed a Draft Red Herring Prospectus (DRHP) with market regulator to raise ₹450 crore through an Initial Public Offering (IPO).
The IPO comprises a fresh issue of shares of up to ₹225 crore and an offer for sale of ₹225 crore. The firm has roped in ICICI Securities Ltd and JM Financial Ltd as book running lead managers to the issue.
Capex requirements
According to the DRHP, the firm intends to use the proceeds to capital expenditure requirements including expansion of its Dahej manufacturing facility, upgradation of Vadodara R&D facility and for general corporate purposes.
Following the IPO, the shares of the company would be listed both on BSE and the NSE.
TCPCL is a manufacturer of diverse portfolio of structure directing agents (SDAs), phase transfer catalysts (PTCs), electrolyte salts for super capacitor batteries and pharmaceutical and agrochemical intermediates and other specialty chemicals (PASC).
The company had posted a net profit of ₹37.79 crore for the financial year ended March 31, 2020, an 83.98 per cent rise from ₹20.54 crore recorded during the comparable year-ago period, and ₹12.29 crore recorded for FY18. TCPCL posted a net profit of ₹31.14 crore for the nine-month period ended December 31, 2020.
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