Specialty chemicals manufacturer, Dorf-Ketal Chemicals India Ltd, has submitted preliminary documents to the Securities and Exchange Board of India (SEBI) to seek approval for an initial public offering (IPO) aimed at raising ₹5,000 crore.
JM Financial Ltd, Citigroup Global Markets India Pvt Ltd, HSBC Securities and Capital Markets (India) Pvt Ltd, J.P. Morgan India, Morgan Stanley India, and Motilal Oswal Investment Advisors Ltd are serving as the book-running lead managers for the IPO.
This upcoming IPO will consist of a fresh issuance of equity shares worth ₹1,500 crore, alongside an offer for sale (OFS) of ₹3,500 crore by the promoter, Menon Family Holdings Trust, as outlined in the draft red herring prospectus (DRHP) filed on Friday.
Out of the fresh issuance proceeds, ₹82.90 crore will be allocated for debt repayment, ₹33.30 crore will be used to repay or prepay borrowings of its subsidiary, Dorf Ketal Chemicals FZE, and the remainder will be utilized for general corporate purposes.
Founded in 1992, Dorf-Ketal Chemicals is a leading, R&D-driven manufacturer and supplier of specialty chemicals catering to industries such as oil and gas, refining, petrochemicals, and other industrial segments. The company has earned global recognition for its innovative products.
As of October 31, 2024, Dorf-Ketal Chemicals had 1,322 customers, including major industry players like Reliance Industries, Petronas, Indian Oil Corporation, PPG Industries, Clariant, Liberty Energy, Italiana Petroli, and Vedanta.
Dorf-Ketal operates 16 manufacturing facilities across four countries: eight in India, two in Brazil, three in the United States, and three in Canada, as of October 2024. Between FY22 and FY24, Dorf-Ketal’s profit after tax grew at a compound annual growth rate (CAGR) of 50.18%, reaching ₹60.20 crore, while its revenue rose at a CAGR of 45.47%, totaling ₹548 crore.
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Published on: Jan 27, 2025, 10:13 AM IST
Sachin Gupta
Sachin Gupta is a Content Writer with 6+ years of experience in the stock market, including global markets like the US, Canada, and Australia. At Angel One, Sachin specialises in creating financial content that simplifies complex market trends. Sachin holds a Master's in Commerce, specialising in Economics.
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