Patel Chem Specialities to launch IPO on July 25, price band at Rs 82-84 per share

Patel Chem Specialities IPO

Pharmaceutical excipients and specialty chemicals manufacturer Patel Chem Specialities is set to launch its Rs 58.8 crore maiden public issue for subscription on July 25, with price band of Rs 82-84 per share.

The IPO comprises of entirely fresh issue of 70 lakh shares.

The Gujarat-based company will close its initial public offering (IPO) on July 29, followed by the finalisation of IPO share allotment on July 30. The trading in its shares will be available on the BSE SME effective August 1.

With manufacturing facilities are in Vatva (Ahmedabad) and Talod (Himmatnagar), Patel Chem Specialities operates in specialty chemicals, particularly focusing on cellulose-based excipients. Its products are used by various industries such as pharmaceuticals, food & beverages, cosmetics, and industrial applications.

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The company intends to utilise Rs 43.1 crore out of IPO proceeds for setting up plant at Indrad, Mahesana for manufacturing croscarmellose sodium, sodium starch glycolate, corn starch base and potato starch base, and calcium carboxymethylcellulose. And the remaining amount will be used for general corporate purposes.

Merchant bankers - Cumulative Capital, and Unistone Capital are managing the Patel Chem Specialities IPO.

This would be the fifth SME IPO opening next week after TSC India, Monarch Surveyors & Engineering Consultants, Savy Infra & Logistics, and Swastika Castal.