Speciality chemicals major Anupam Rasayan files for Rs 760 crore IPO

Surat-based speciality chemicals company Anupam Rasayan has filed its draft red herring prospectus (DRHP) with the stock market regulator to raise an aggregate of Rs 760 crore.

The issue proceeds will be used mainly for repayment of debt. As stated in the DRHP, the company may consider a discount for eligible employees bidding for the reservation portion.

Bankers appointed to the issue are Axis Capital, Ambit Private, IIFL Securities and JM Financial.

The company started operations in 1984 with conventional products and has now carved a niche for itself into speciality chemicals that involve multi-step synthesis and complex chemistries such as etherification, acylation, cyclization, diazotisation and hydrolysis.

It currently operates out of six multi-purpose manufacturing facilities based in Gujarat. The company has clients like Syngenta Asia Pacific, Sumitomo Chemical Company and UPL Ltd across Europe, Japan, the United States and India.

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