Chemspec Chemicals files for Rs.700-crore IPO

Chemspec Chemicals has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India for its initial public offering (IPO). The public issue consists of an offer for sale for up to INR 700 crore. JM Financial and Axis Capital are the book-running lead managers to the issue. Chemspec is a manufacturer of UV absorbers globally and is among the top two global manufacturers of personal care ingredients catering to skin and hair care.