Chemcon Speciality Chemicals Ltd on Friday fixed the price band at Rs 338-340 per share for its initial share-sale, which will open for public subscription on September 21. The initial public offer (IPO) comprises fresh issuance of equity shares aggregating up to Rs 165 crore and an offer for sale of up to 45 lakh equity scrips by promoters, the leading manufacturer of speciality chemicals said in virtual press conference.
The initial share-sale will close on September 23 and bidding for anchor investors will open on September 18. At the upper end of the price band, the IPO will fetch Rs 318 crore.
The company intends to utilise the net proceeds from the fresh issue to meet capital expenditure for the expansion of its manufacturing facility, fund working capital requirements and general corporate purposes. The Vadodara-based company has long standing relationships with its key customers including Laurus Labs Ltd, Aurobindo Pharma Ltd, Ind-Swift Laboratories Ltd. It exports products to global markets covering the US, Germany, Italy, South Korea, Japan, the United Arab Emirates, Serbia, Russia, Spain, Thailand and Malaysia.
Intensive Fiscal Services and Ambit Capital are the book running lead managers to the issue.