Chemical manufacturer Gujarat Polysol Chemicals files for initial public offering. details here

Gujarat Polysol Chemicals Limited (GPCL), one of the leading chemical manufacturers for the infra-tech (construction), agro, dyestuffs and leather industries in India, has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India filed (SEBI) to raise funds by offering their shareholdings of up to €414 crore through an initial public offering (IPO) route.

The Gujarat Polysol Chemicals IPO will consist of an offering of shares made up of new issues totaling up to €87 crore and Offer to Sell (OFS) shares totaling up to €327 crore from the selling shareholders.

The Company proposes that the net proceeds be used to repay or prepay, in whole or in part, any or all of the Company’s borrowings and for general corporate purposes.

The total production capacity of 130,400 MT per year in the company’s production units, which can be classified into infra-tech (construction) chemicals on the basis of end-use industry; agrochemicals (pesticide formulations); dyes, pigments and textile chemicals; and leather chemicals.

GPCL’s total adjusted revenues for the 6 months ended September 30, 2021 and for fiscal year 2021, fiscal year 2020 and fiscal year 2019 were €183 million, €380 million, €440 crores and €439 crore or Adjusted Profit for the year grew at a CAGR of 76.42% between FY2019 and FY2021.

The Book Running Lead Manager is INGA Ventures Pvt Ltd. The shares are to be listed on the BSE and NSE stock exchanges.

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