13 Jul , 2021 By : Kanchan Joshi
MUMBAI: Tatva Chintan Pharma Chem Ltd has fixed a price band of Rs1,073-1,083 a share for its initial public offering (IPO). The issue will open on 16 July and close on 20 July.
It has received approval from the market regulator Sebi to launch its Rs500 crore IPO, which comprises a fresh issuance of shares worth Rs225 crore and an offer of sale worth Rs275 crore by existing promoters and shareholders.
ICICI Securities, JM Financial are the book lead managers to the issue.
Proceeds from the issue will be used for funding expansion of its Dahej manufacturing facility and upgradation at its R&D facility in Vadodara.
As of December 2020, the company had an installed production capacity of 280 KL and 13 assembly lines at its manufacturing facilities. Pursuant to the proposed expansion, it intends to enhance the installed capacity at its manufacturing facilities by 200 KL and 14 assembly lines.
For fiscal 2020, the company reported a revenue of Rs263.24 crore against Rs206.31 crore a year ago. Net profit stood at Rs37.79 crore versus Rs20.54 crore. As of January 2020, the firm had a total outstanding debt of Rs83.17 crore.
Tatva Chintan is a specialty chemical manufacturing company engaged in the manufacture of a diverse portfolio of structure directing agents (“SDAs"), phase transfer catalysts (“PTCs"), electrolyte salts for super capacitor batteries and pharmaceutical and agrochemical intermediates and other specialty chemicals
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