Prasol Chemicals has received the Securities and Exchange Board of India’s (SEBI) approval to raise Rs 800 crore through an initial public offering (IPO). The company, which filed the draft red herring prospectus with the SEBI in April 2022, got the regulator’s approval on August 23, 2022.
The proceeds from the fresh issue to the tune of Rs 160 crore will be used for payment of debt and Rs 30 crore for working capital requirements. Besides, funds will be used for general corporate purposes. JM Financial and DAM Capital Advisors are the book-running lead managers to the issue.
Prasol Chemicals is among the leading forward integrated manufacturers of acetone derivatives and phosphorous derivatives in India. Its products have end uses in four segments namely pharmaceuticals, agrochemicals, home and personal care and performance chemicals.
