Prasol Chemicals Raises ₹150 Crore from Anchor Investors Ahead of IPO

New Delhi: Speciality chemicals manufacturer Prasol Chemicals Ltd on Monday mobilised nearly Rs 150 crore from anchor investors, a day before the opening of its initial public offering (IPO) for subscription.

The company has allocated 22.19 lakh equity shares to anchor investors at Rs 676 per equity share, according to a circular uploaded on the BSE website.

The total value of allocated shares to anchor investors stood at Rs 149.99 crore.

The anchor investors included Aditya Birla Sun Life Insurance Company Ltd, Tata AIA Life Insurance Company Ltd, Turnaround Opportunities Fund, ITI Mutual Fund, Tata Mutual Fund, Edelweiss Mutual Fund and Kotak Mahindra Mutual Fund, the circular showed.

Out of the total allocation, over 10 lakh shares, or 45.34 per cent, were allotted to domestic mutual funds through a total of eight schemes.

The company’s Rs 500-crore IPO will open for subscription on September 8 and close on September 10. The IPO price band has been fixed at Rs 643-676 per equity share.

The public offer comprises a fresh issue of equity shares worth up to Rs 80 crore and an offer-for-sale (OFS) of shares worth up to Rs 420 crore by selling shareholders.

Proceeds from the fresh issue will be used for repayment of debt, meeting working capital requirements and general corporate purposes.

The company, originally incorporated as Prachi Poly Products Pvt Ltd in 1992, changed its name to Prasol Chemicals in 2007 and subsequently became a public company again in 2022.

Prasol Chemicals is a forward-integrated manufacturer of acetone and phosphorus-based speciality chemicals, along with other speciality chemicals involving complex and differentiated chemistries.

Several acetone and phosphorus derivatives in its portfolio are used in pharmaceuticals, synthesis of agrochemical active ingredients and formulations, besides applications as critical raw materials in home and personal care products such as sunscreens, shampoos, flavours, fragrances and disinfectants.

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