Chemplast Sanmar mobilises Rs 1,732.5 crore from anchor investors ahead of IPO

IPO

Chemplast Sanmar, with a price band at Rs 530-541 per equity share, will open its initial public offering on August 10 and will close on August 12.

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Specialty chemicals manufacturer Chemplast Sanmar on August 9 has garnered Rs 1,732.5 crore from anchor investors ahead of its IPO opening.

The company in consultation with book running lead managers and selling shareholders has finalised allocation of 3,20,24,029 equity shares to anchor investors, at Rs 541 per share, it said in its BSE filing.

Marquee investors which participated in the anchor book were Abu Dhabi Investment Authority, Amundi Funds, Government Pension Fund Global, Best Investment, Corporation, Jupiter India Fund, Neptune Investment, Volrado Venture, Kuber India Fund, CLSA, Public Sector Pension Investment Board, Segantii India Mauritius, Copthall Mauritius, Moon Capital, Goldman Sachs, Tara Emerging Asia, Nomura, and Societe Generale.

Domestic investors including SBI Mutual Fund, Axis Mutual Fund, Mirae Asset, ICICI Prudential, HDFC Life Insurance, HDFC Trustee, Nippon Life, Franklin India, Aditya Birla Sun Life, Sundaram Mutual Fund, IDFC, JM Financial, IIFL Special Opportunities Fund, and Edelweiss also invested in the company.

Chemplast Sanmar, with a price band at Rs 530-541 per equity share, will open its initial public offering on August 10 and will close on August 12.

The company aims to raise Rs 3,850 crore through its public offer. The IPO comprises a fresh issue of Rs 1,300 crore by the company, and an offer for sale of Rs 2,463.4 crore by promoters, Sanmar Holdings and Sanmar Engineering Services.

The net proceeds from the fresh issue will be utilised for early redemption of non-convertible debentures (Rs 1,238.25 crore), besides general corporate purposes.

Chemplast is a specialty chemicals manufacturer in India with a focus on specialty paste PVC (polyvinyl chloride) resin and custom manufacturing of starting materials and intermediates for pharmaceutical, agro-chemical and fine chemicals sectors. It is one of the leading manufacturers of specialty paste PVC resin in India on the basis of installed production capacity, as of December 2020.