Surat-based Anupam Rasayan has raised approximately Rs 225 crore from 15 anchor investors ahead of its initial public offering (IPO). The company informed the exchange that it has allocated 40,48,647 shares at Rs 555 per share on March 10, 2021 to the anchor investors.
The company attracted renowned institutional investors like Birla MF, Nomura Asset Management, Fidelity International, Sundaram MF, SBI Life, IIFL Special Opportunities Fund, Malabar and Max Life for the pre-IPO.
The issue will open for subscription on March 12, 2021 and close on March 16, 2021.
The company is looking forward to raising Rs 760 crore through an IPO. The net proceeds from this IPO will be used to repay/prepay Rs 556.19 crore of its indebtedness i.e term loans, external commercial borrowings, working capital loan, besides general corporate purposes.
The price band of the IPO is Rs 553-555 per share, in a lot size of 27 shares, translating to Rs 14,931 per lot at a lower price band.
The company operates 6 multi-purpose manufacturing facilities -- four sites are in Sachin, Surat and two state-of-art sites are in Jhagadia, Gujarat.
From FY18 to FY20, the company’s revenues have grown at a CAGR of 24.29 per cent and its EBITDA for FY20 stood at Rs 134.90 crore. Despite of the lockdown imposed due to the COVID-19 pandemic, the company’s half-yearly revenues increased by 51.51 per cent i.e. from Rs 234.40 crore to Rs 355.12 crore for the comparable periods of September 30, 2019 and September 30, 2020, respectively.
Bankers appointed to the issue are Axis Capital, Ambit Private, IIFL Securities and JM Financial.
It will be listed on both exchanges, BSE and NSE.