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Balaji Speciality Chemicals files DRHP for IPO

Economic Times  

Balaji Speciality Chemicals, an arm of Balaji Amines, has filed its draft red herring prospectus (DRHP) with capital markets regulator Sebi to float its initial public offering (IPO). Solapur-based Balaji Speciality Chemicals manufactures niche chemicals, used in industries such as agrochemicals and pharmaceuticals The company plans to raise INR 250 crore via the issuance of fresh equity shares. Existing shareholders will offload 2.6 crore equity shares from their holding. Balaji Amines will not participate in the proposed offer. A preferential issue or a pre-IPO placement of up to INR 50 crore will be considered. HDFC Bank and JM Financial Services are the book running lead managers, while Link Intime India is the registrar to the issue. The company has reserved 75% of shares for qualified institutional buyers. Non-institutional investors would get 15% shares. The remaining 10% of equity will be allocated to the retail bidders. Net proceeds from the fresh issue will be used towards the repayment of the debt, working capital requirements and general corporate purposes. Proceeds from OFS will go to the respective shareholders.