Speciality chemicals manufacturer Chemplast Sanmar ahead of its initial share sale has already collected Rs 1,732 crore from its anchor investors. The chemical maker company will open its public subscription on August 10, Tuesday.
According to a circular shared on the BSE website, the company has decided to allocate 3,20,24,029 equity shares to anchor investors at Rs 541 per share. This allocation will value the transaction to Rs 1,732.5 crore.
Meanwhile, the companies participating in the anchor investments include SBI Mutual Fund (MF), Axis MF, ICICI Prudential MF, HDFC MF, HDFC Life Insurance Company, Abu Dhabi Investment Authority, Kuber India Fund, Goldman Sachs, Morgan Stanley Asia Pte Ltd, Nomura, Citigroup Global Markets Mauritius, and many more.
The chemical manufacturer company will provide a fresh issue of equity shares of Rs 1,300 crores and will provide an offer for sale of 2,550 crores collectively by Sanmar Holdings Limited and Sanmar Engineering Services Limited. The company has set the price band of Rs 530-541 and will be expecting a raise of 1238.5 crores. It will be opening its public subscription on August 10, Tuesday and will conclude on August 12, Thursday.
The company is looking forward to utliise the fund of Rs 1,238.25 crore from the net proceeds for the redemption of the non-convertible debentures issued by it. Also, more money will also be used for official purposes.
Investors can bid for a minimum of 27 equity shares and in multiples of 27 equity shares thereafter. They will be able to see the IPO on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on August 24. Also, the basis of share allotment is scheduled for August 18.
The IPO market this year has seen a surge with several public issues being launched in the month of July. So far in the current fiscal, 16 companies have raised Rs 30,666 crores through IPOs against Rs 31,277 crores by 30 firms in the entire 2020-21. With this, four companies including Chemplast Sanmar are ready to launch their initial share sales in the first week of the month.
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