Specialty chemical company Anupam Rasayan has filed preliminary papers with markets regulator Sebi to raise Rs 760 crore through an initial public offering (IPO).

As per the company, proceeds of the issue would be used mainly for repayment of debt, the company said in the draft red herring prospectus (DRHP). Surat-based company has decided to reserve a portion for its employees and may consider a discount for eligible staff. Anupam Rasayan commenced operations in 1984 with conventional products and now it makes speciality chemicals that involve multi-step synthesis and complex chemistries.

 It has six multi-purpose manufacturing facilities based in Gujarat with a combined aggregate installed capacity of around 23,396 metric tonne, of which 6,726 metric tonne was added in March 2020. The company mainly caters to the agrochemical, personal care and pharmaceutical sectors, which accounted for over 95% of its revenues in 2019-20.

The company’s clients include Syngenta Asia Pacific, Sumitomo Chemical Company and UPL Limited.Axis Capital, Ambit Private, IIFL Securities and JM Financial have been appointed as merchant bankers for the issue.

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