Chemspec Chemicals Ltd has filed preliminary papers with capital markets regulator SEBI to raise Rs 700 crore through an initial share sale.
The initial public offer (IPO) is entirely an offer for sale by promoters, draft red herring prospectus (DRHP) filed with SEBI showed.
BACS LLP would offer shares worth Rs 233.40 crore in the offer for sale, while Mitul Vora and Rushabh Vora would each offer shares to the tune of Rs 233.30 crore, it added.
Chemspec Chemicals is one of the leading manufacturers of critical additives for FMCG ingredients used in skin and hair care products and intermediates for pharmaceutical APIs used in anti-hypertension drugs.
The company manufactures products at its production facility at Taloja, Maharashtra.
The specialty chemical maker's global distribution network in the last three financial years was spread across 43 countries in North America, Europe, the APAC region (including Japan), the Middle East, and Africa.
According to the company, the listing of the equity shares will enhance its visibility and brand image and will provide liquidity to shareholders. Also, it will provide a public market for equity shares in India.
JM Financial and Axis Capital have been appointed as merchant bankers to advise the company on the IPO.
The equity shares of the company will be listed on the BSE and NSE.
