Chemcon Speciality Chemicals files draft papers with SEBI for IPO

Chemcon Speciality Chemicals

Chemcon Speciality Chemicals, a leading manufacturer of pharmaceutical chemicals, has filed draft papers with market regulator SEBI for its proposed initial public offer to raise about Rs 350 crore.

The issue comprises of a fresh issue of Rs 175 crore and an offer for sale of 43 lakh equity shares from the promoters, according to the draft red herring prospectus (DRHP).

As per market sources, the initial public offer (IPO) size is about Rs 350 crore.

Intensive Fiscal Services and Ambit Capital are the managers to the offer.

The Baroda-based company supplies its products to domestic customers and also export to countries including the US, China, Japan, UAE, Azerbaijan, Serbia, Russia and Malaysia, as per the DRHP.

The key customers of the company’s pharmaceutical chemicals include Hetero Labs, Laurus Labs, Aurobindo Pharma and IndSwift Laboratories.

The shares of the company will be listed on the BSE and the NSE.

News Source: Moneycontrol

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