Balaji Speciality Chemicals files IPO paper with SEBI
New Delhi Balaji Speciality Chemicals, an arm of Balaji Amines NSE-3.11, has filed its draft red herring prospectus with capital requests controller SEBI to float its original public immolation (IPO). The company is planning to raise Rs 250 crore via the allocation of fresh equity shares, whereas being shareholders will discharge 2.6 crore equity shares from their holding. Balaji Amines won’t share in the proposed offer. The company, which filed its DRHP on Wednesday, August 10, has entered blessing from its board of directors to launch an IPO in the month of June.
The company’s DRHP added that it may consider a preferential issue or a pre-IPO placement of over to Rs 50 crore before launching the IPO, in discussion with its book- running lead directors. In such a case, the fresh issue size would be reduced. Net proceeds from the fresh issue will be employed towards the prepayment of the debt, working capital conditions and general commercial purposes. Proceeds from OFS will go to the separate shareholders.
Incorporated in 2010, Solapur- grounded Balaji Speciality Chemicals manufactures niche chemicals, which are used in colorful end- use diligence, similar as thing chemicals, agrochemicals and medicinals. Balaji Speciality Chemicals manufactures niche chemicals similar as ethylene diamine, piperazine anhydrous, diethylenetriamine, aminoethyl ethanolamine and aminoethyl piperazine, using the monoethanol amine process. From FY20 to FY22, its client base grew from 45 to 182 guests, including crucial names like UPL, Dr Reddy’s Labs, Aarti medicines NSE-0.11% and further. It had a total installed product capacity of 30,000 MTPA as of March 31, 2022. For the fiscal time ended on March 31, 2022, the company had reported a net profit of Rs 108.95 crore with a functional profit of Rs 514.28 crore.
The company has reserved 75 per cent of shares for good institutional buyers, whereas non-institutional investors would get 15 per cent shares. The remaining 10 per cent of equity will be allocated to the retail stab. The company has appointed HDFC Bank NSE-0.31% and JM Financial NSE 3.06% Services as the book running lead directors, whereas Link In time India has been appointed as the register to the issue.
About Balaji Speciality Chemicals Limited
A SUBSIDIARY COMPANY OF BALAJI AMINES LIMITED.
Balaji Speciality Chemicals Limited (BSCL) formerly known as Balaji Speciality Chemicals Private Limited (BSCPL) is a subsidiary of Balaji Amines Limited (BAL), one of the leading manufacturers of aliphatic amines in India BAL specialize in manufacturing of methylamines, ethylamines, derivatives of specialty chemicals and pharma excipients.
BSCL is the sole manufacturer in India of niche chemicals such as Ethylene Diamine (EDA), Diethylenetriamine (DETA), Aminoethyl ethanolamine (AEEA) and Aminoethyl Piperazine (AEP), using the Monoethanol Amine (MEA) process. The chemicals we manufacture are import substitute and are used in various end-use industries such as speciality chemicals, agrochemicals, and pharmaceuticals. We have commenced the commercial production in June 2019 from our manufacturing facility located at E-8/1 MIDC Chincholi, Taluka Mohol, Solapur, Maharashtra and have since scaled our operations, grown our brand and customer base to become one of the fastest growing speciality chemicals companies in India.
The total installed production capacity is 30,000 MTPA. The plant is well designed & sophisticated with latest technology like distributed controlled system which facilitates the control of operations from the control room. Our Ethylene Diamine (EDA), Diethylenetriamine (DETA) products are REACH certified, which enable our products to be exported into European Union and certain other geographies.