Mumbai-based food and health ingredients distributor Chemkart India is set to open its Rs 80-crore new share sale for subscription next week. The issue will open on July 7 and close on July 9.
The company will finalise its initial public offering (IPO) share allotment by July 10, and the stock will be available for trading on the BSE SME board effective July 14.
The 32.29-lakh-share IPO is a mix of a fresh issue of 26 lakh shares and an offer-for-sale of 6.29 lakh shares by promoters Ankit Shailesh Mehta and Parul Shailesh Mehta.
Incorporated in 2020, Chemkart India supplies products in seven categories—amino acids, health supplements, herbal extracts, nucleotides, proteins, sports nutrition and vitamins, through its business-to-business (B2B) platform.
It does not have a comparable peer in the listed space.
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The company intends to spend Rs 34.68 crore out of fresh issue proceeds to set up a manufacturing facility through subsidiary Easy Raw Materials. Further, Rs 20 crore will be used to repay debt, and the remainder for general corporate purposes.
The merchant banker handling the Chemkart India IPO is Smart Horizon Capital Advisors.
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