Gujarat Polysol Chemicals files for DRHP for initial public offering of Rs 414 crore

Chemicals manufacturer Gujarat Polysol Chemicals Ltd (GPCL) has submitted its initial paper to Sebi to raise Rs 414 crore through an initial public offering.

The initial sale of shares consists of a new issue of shares of shares totaling Rs 87 crore and an offer for sale (OFS) of shares of shares totaling Rs 327 crore by their promoters, according to a draft of the red herring prospectus.

There will be no pre-IPO issue for this issue.

The Company will use the net proceeds to repay or prepay in whole or in part all borrowings made by the Company and for the general purposes of the Company.

The company based in Gujarat is among the leading suppliers of dispersing agents in the basic technical, dyeing, dyestuff, textile and leather industries.

For the financial year ending March 2021, the company recorded an after-tax profit of Rs.40 crore, while the total income was Rs.440 crore. Its restated earnings for the 2019-21 fiscal year grew at a compound annual growth rate of 76.42%.

INGA Ventures is the Director of Book Management who will advise the company on the IPO.

(The title and image for this report may have been reformulated only by the Business Standard staff; the rest of the content is automatically generated from a shared feed.)

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