Chemcon Speciality Chemicals Files For An IPO
Baroda based, Chemcon speciality chemicals, a leading manufacturer of pharmaceutical chemicals has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its proposed IPO.
Chemcon speciality chemicals is the world’s eighth largest manufacturer of Hexamethyldisilazane (HMDS) and the second largest manufacturer of Chloromethyl isopropyl carbonate (CMIC), as mentioned in the DRHP filed by the company.
The issue comprises of a fresh issue of 175 crore and an offer for sale of 43 lakh equity shares from the promoters.
As per market sources, the Initial Public Offering (IPO) size will be approximately Rs 350 crore.
The managers to the offer are Intensive Fiscal Services Pvt Ltd and Ambit Capital Private Ltd.
The company has a mix of domestic and international customers across USA, China, Japan, UAE, Azerbaijan, Serbia, Russia and Malaysia and its key customers include well known pharmaceutical companies like Aurobindo, Laurus Labs Ind-Swift Labs and Hetro Labs.
India currently is a net importer of HMDS, with 52 per cent of the domestic demand being catered to by imports from China and Germany.