Balaji Speciality Chemicals filed draft red herring prospectus (DRHP) with Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The IPO consists of a fresh issue of equity shares worth up to Rs 250 crore and an offer-for-sale (OFS) of up to 2,60,00,000 equity shares by promoters and promoter group entities.
Proceeds worth Rs 68 crore from the fresh issue will be used to repay debt, and Rs 119.5 crore will be spent on working capital requirements, besides general corporate purposes. HDFC Bank and JM Financial are the book-running lead managers to the issue. The equity shares of the company will be listed on BSE and NSE.
Incorporated in 2010, Balaji Speciality Chemicals manufactures niche chemicals, which are used in various end-use industries, such as specialty chemicals, agrochemicals, and pharmaceuticals.
