Chemspec Chemicals files DRHP with SEBI for its proposed IPO
Chemspec Chemicals Ltd, manufacturer of additives for FMCG ingredients used in skin and hair care products, and intermediates for pharmaceutical active pharmaceutical ingredients (APIs) used in anti-hypertension drugs, on July 15 said it has filed its Draft Red Herring Prospectus (DRHP) with the market regulator SEBI for its Initial Public Offering (IPO).
The IPO consists of an offer for sale by promoters aggregating up to Rs 700 crore, comprising up to Rs 233.4 crore by Bhaichand Amoluk Consultancy Services LLP, up to Rs 233.3 crore by Mitul Vora and up to Rs 233.3 crore by Rushabh Vora.
Chemspec is one of the largest manufacturers of UV (ultraviolet rays) absorbers globally which are used in skin and hair care.
The company is also the largest manufacturer of 'piroctone olamine' in India, and world's largest producer of 'chemilide' - an anti-bacterial ingredient - with an approximate market share of 70%.
The company ended FY20 with revenues of Rs 506 crore and net profit of Rs 81 crore.