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19 Nov 2024
Vadodara-based Shiva Pharmachem , the largest manufacturer of acid and alkyl chlorides by volume in 2022, has filed its draft red herring prospectus (DRHP) with market regulator Sebi for an IPO.
The issue with a face value of Rs 2 each is entirely an offer for sale (OFS) of up to Rs 900 crore by promoter and promoter group selling shareholders.
Under the OFS, Vishal Rakesh Agrawal and Rahul
Rakesh Agrawal will offload shares worth Rs 383 crore each, and Geetganga Investment will sell shares up to Rs 134 crore.
The offer is being made through the book-building process, wherein 50% will be available for allocation on a proportionate basis to qualified institutional buyers, 15% for allocation to non-institutional investors and 35% of the offer reserved for allocation to retail investors.
Shiva Pharmachem established its business in 1999 and has over twenty years of experience in the chemical industry. As of FY23, it serves over 181 multinational and domestic companies across 22 countries. Its prominent markets include Germany, US, Switzerland, Italy, and Mexico.
Shiva Pharmachem established its business in 1999 and has over twenty years of experience in the chemical industry. As of FY23, it serves over 181 multinational and domestic companies across 22 countries. Its prominent markets include Germany, US, Switzerland, Italy, and Mexico.
The company commenced its operations centered around chlorine chemistry, particularly specializing in the chlorination of acids and alcohols using thionyl chloride. Gradually, expanded its capabilities to encompass intricate chemistry.
Over 80% of its revenue from operations in FY23 came from Fortune 500 companies worldwide. Its clients include DuPont Specialty Products USA LLC, Godrej Agrovet , Nouryon Functional Chemicals BV, Reckitt Benckiser (India), SRF , and Syngenta Crop Protection AG.
Shiva Pharmachem competes with firms which include Navin Fluorine International , Clean Science and Technology, and Aether Industries .
For FY23, consolidated revenue from operations increased 6% to Rs 1,079 crore, primarily attributed to an increase in revenue from sales of products. Net profit rose 40% to Rs 116.65 crore in the same period.
JM Financial and Kotak Mahindra Capital Company are the book-running lead managers and Link Intime India is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.
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