Survival Technologies files draft documents with market regulator SEBI for Rs 1,000 Crore-IPO (public issue)

New Delhi:

Specialty chemicals maker Survival Technologies has filed preliminary documents with market regulator Sebi to mop up Rs 1,000 crore through an initial public offering (IPO).

The IPO includes a new issue of equity shares aggregating up to Rs 200 crore and an offer to sell (OFS) aggregating up to Rs 800 crore by its promoters and the shareholders of the promoter group, according to its draft Red Herring (DRHP) prospectus.

The SFO will see the sale of shares worth Rs 544.41 crore by Vijaykumar Raghunandanprasad Agrawal, Rs 212.41 crore by Nimai Vijay Agrawal and Rs 43.18 crore by Prabha Vijay Agarwal.

According to the draft documents, the company may explore a pre-IPO placement. If such a placement is undertaken, the size of the new issue will be reduced.

The proceeds from the issuance worth Rs 175 crore will be used to finance the company’s working capital requirements and other general corporate purposes.

The Mumbai-based company is a specialty chemicals manufacturer focused on Contract Research and Manufacturing Services (CRAMS) in India. It is one of the few specialty chemical manufacturers in India to produce selected products from the heterocyclic and fluorinated organic product groups for sale in domestic and international markets.

For the fiscal year ending March 2022, the company’s after-tax profit stood at Rs 73.46 crore, while its operating income reached Rs 311.78 crore in FY22 , compared to Rs 274.79 crore in the previous financial year.

JM Financial and ICICI Securities Ltd are the lead managers of the issue.

The shares are proposed to be listed on both stock exchanges — NSE and BSE.

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