Gujarat Polysol Chemicals files preliminary papers for Rs 414 crore IPO

Gujarat Polysol Chemicals has filed preliminary papers with the capital markets regulator for raising funds via a Rs 414 crore initial public offering.

The chemicals manufacturer plans to issue fresh shares of Rs 87 crore and an offer for sale of Rs 327 crore by promoters including Shaileshkumar Balvantrai Desai, Umang Shailesh Desai, and Polysol Financial Services LLP.

The proceeds from the fresh issue will be used to repay debt and for general corporate purposes.

Gujarat Polysol Chemicals is among the chemicals manufacturers for the infra-tech (construction), agro, dye and leather industries and is a leading supplier of powder surfactants in India. It is one of the top manufacturers of poly carboxylate ethers (PCE) liquid and powder in India.

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The Vapi-based company has an aggregate manufacturing capacity of 130,400 mt per annum across three units.

It made a profit of Rs 15.52 crore on revenue of Rs 181.85 crore in the six months ended September 2021. Profit almost doubled to Rs 39.84 crore in FY21, but revenue declined 14 percent to Rs 379.6 crore from the previous year.

The book running lead manager to the offer is INGA Ventures. The company’s equity shares are proposed to be listed on the BSE and the National Stock Exchange of India.