Balaji Speciality Chemicals, a subsidiary of Balaji Amines, has withdrawn the draft papers filed to raise funds through an initial public offering, the company said on September 8.
The speciality chemicals maker told the parent company that its board of directors, through a resolution, decided to withdraw the draft red herring prospectus filed with the Securities and Exchange Board of India. The company didn’t give a reason for the decision.
Accordingly, the DRHP has been withdrawn, Balaji Amines said in its filing to the exchanges.
The company filed the DRHP with the capital markets regulator on August 10, 2022. The stock had even started quoting in the grey market at a premium of Rs 50-55, analysts said on condition of anonymity.
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In November, it received the green signal from SEBI to go ahead with the IPO. A company has to launch an IPO within one year from the issuance of the observation letter by SEBI.
The fresh issue money was to be used mainly for repaying debts and working capital requirements, and the remaining for general corporate purposes.
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Incorporated in 2010, Solapur-based Balaji Speciality Chemicals manufactures niche chemicals which find use in various industries.
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