The initial public offering (IPO) of Anupam Rasayan India Ltd, which is expected to harvest Rs 760 crore, will open on 12 March in the primary market.  The company and selling shareholders in consultation with merchant bankers has fixed a price band at Rs 553-555 per share for its issue which is scheduled to close on March 16.

The company said that it will use the proceeds for the issue to pay off Rs 556.20 crore in debt. As of September, the company had a total debt of Rs 814.48 crore.  It also said that it may consider a pre-IPO placement of shares of up to Rs 100 crore after consultations with investment banks managing the share sale.

About 2.20 lakh shares have been reserved for eligible employees, while up to 50 percent is reserved for institutional buyers. Meanwhile, not less than 35 percent has been reserved for retail investors and not less than 15 percent of the net issue has been reserved for the non-institutional category.

The specialty chemicals maker aims to raise Rs 760 crore through its public issue which includes a reservation of 2.2 lakh equity shares for subscription by its employees.

The company primarily caters to agrochemical, personal care and pharmaceutical sectors, which account for over 95 percent of its revenues. Clients include Syngenta Asia Pacific, Sumitomo Chemical Company, and UPL Ltd.

Axis Capital, Ambit Private, IIFL Securities, and JM Financial are the merchant bankers for the issue.

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