Prasol Chemicals Opens ₹500 Crore IPO
Prasol Chemicals Ltd. has opened an initial public offering of equity shares valued at up to ₹500 crore.
The offering includes a fresh issue of shares valued at up to ₹80 crore and an offer for sale by existing shareholders valued at up to ₹420 crore. The price band is ₹643 to ₹676 per share.
Subscription opened Sept. 8 and is scheduled to close Sept. 10. Shares are expected to list on the BSE and National Stock Exchange of India, subject to completion of the offering and the required approvals.
Only the fresh-issue portion will provide proceeds to Prasol. Proceeds from the offer-for-sale portion will go to the participating selling shareholders.
Prasol was incorporated in 1992 and manufactures acetone-based, phosphorus-based and other specialty chemicals. Its portfolio contained more than 150 products as of June 30, including surfactants, performance additives, ethers, esters, polymers and acids.
The company identifies five principal end-market groups. One is PICA, its designation for paints, inks, construction and adhesives. Its products also serve pharmaceuticals, agrochemicals, personal care and other industrial markets.
Prasol reported a distribution network reaching 63 countries across Asia-Pacific, North America, South America and Europe as of June 30.
The offering is a financial-market development rather than a change in Prasol’s coatings product portfolio. PCI is not making an investment recommendation.
The offering is relevant to PCI readers following paint and coatings additives and the financial development of specialty chemical suppliers serving coatings and CASE markets.
Looking for a reprint of this article?
From high-res PDFs to custom plaques, order your copy today!
