Dorf-Ketal Chemicals has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise Rs 5,000 crore through an initial public offering (IPO). The IPO comprises a fresh issue of equity shares aggregating up to Rs 1,500 crore and an offer for sale of shares worth Rs 3,500 crore by promoter Menon Family Holdings Trust.
Proceeds from the fresh issue to the tune of Rs 82.90 crore will be allocated to repay debt of the company, Rs 33.30 crore will be invested in subsidiary Dorf Ketal Chemicals FZE to repay or prepay its outstanding borrowings, and the remaining funds will be used for general corporate purposes.
Dorf-Ketal Chemicals is an R&D and innovation-focused global manufacturer and supplier of specialty chemicals across the hydrocarbons and industrial supply chains, including the oil and gas, refining and petrochemicals industries, and customers with diverse applications across industrial segments.
