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Custom Development and Manufacturing focused speciality chemicals company Anupam Rasayan India Ltd has received market regulator Securities and Exchange Board of India’s (SEBI) nod to raise Rs. 760 crore through an Initial Public Offering (IPO). The IPO will be a complete fresh issue of equity shares of face value of Rs 10 each and will be listed on both exchanges, BSE and NSE
The issue will have 50% quota reserved for QIBs, 15% for Non-institutional investors, and 35% for retail investors and funds raised from the net proceeds will be used to repay/prepay Rs 556.19 cr of its indebtness i.e term loans, external commercial borrowings, working capital loan besides general corporate purposes
The company had filed DRHP with SEBI on December 22, 2021 and may consider a pre-ipo placement of equity shares aggregating up to Rs. 100 cr, in consultation with the BRLMs.
Anupam Rasayan India Ltd. has carved a niche for itself into speciality chemicals that involves multi step synthesis and complex chemistries such as Etherification, Acylation, Cyclization, Diazotization and Hydrolysis. It currently operates out of 6 multi-purpose manufacturing facilities based in Gujarat.
From FY18 to FY20, the company’s revenues have grown at CAGR of 24.29 % and its EBITDA for FY20 stood at Rs. 134.90 Crs. In spite of the lockdown imposed due to the COVID-19 pandemic the company’s half-yearly revenues increased by 51.51% i.e. from Rs 234.40 Crs to Rs 355.12 Crs for the comparable periods of September 30, 2019 and September 30, 2020, respectively.
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Anupam Rasayan Company Details
Anupam Rasayan isone of the leading companies engaged in the custom synthesis and manufacturing of specialty chemicals in India .It commenced business as a partnership firm in 1984 as a manufacturer of conventional products and have, over the years, evolved into custom synthesis and manufacturing of life science related specialty chemicals and other specialty chemicals, which involve multi-step synthesis and complex
technologies, for a diverse base of Indian and global customers. Its key focus in its custom synthesis and manufacturing operations is developing in-house innovative processes for manufacturing products requiring complex chemistries and achieving cost optimization.
It has two distinct business verticals (i) life science related specialty chemicals comprising products related to agrochemicals, personal care and pharmaceuticals, and (ii) other specialty chemicals, comprising specialty pigment and dyes, and polymer additives. In Fiscal 2020 and in the six months ended September 30, 2020, revenues from its life science related specialty chemicals vertical accounted for 95.37% and 92.48%, respectively, of its revenue from operations, while revenue from other specialty chemicals accounted for 4.63% and 7.52%, respectively, of its revenue from operations, in such periods.
According to the F&S Report, there exist significant entry barriers in the custom synthesis and manufacturing industry including customer validation and approvals, high quality standards, stringent specifications, and expectation from customers for process innovation and cost reduction. Further, the acquisition of a customer is a long process since the end-customer is required to register the manufacturer with the regulatory bodies as a supplier of intermediate products or active ingredients (Source: F&S Report).
Anupam Rasayan has developed strong and long-term relationships with various multinational corporations, including, Syngenta Asia Pacific Pte. Ltd., Sumitomo Chemical Company Limited and UPL Limited that has helped us expand our product offerings and geographic reach across Europe, Japan, United States and India. In particular, it has been manufacturing products for certain customers for over 10 years. In the six months ended September 30, 2020, it manufactured products for over 45 domestic and international customer, including 15 multinational companies. The Government of India has also recognized our Company as a three star export house We believe that our ability to meet stringent quality and technical specifications and customizations, undertake large number of complex chemical reactions and automated manufacturing capabilities, develop in-house innovative processes along with strong technical competencies and R&D capabilities, and transparent cost model, have enabled it to act as a complete one-stop solution for process innovation and development of specialty chemicals for multinational companies in a cost efficient manner. It is also one of the leading companies in manufacturing products using continuous and flow chemistry technology on a commercial scale in India (Source: F&S Report). The continuous process technology has distinct advantages over the traditional batch process, which is typically used by specialty chemical companies, in reducing the batch cycle time of a chemical production process and making the process safer and environment friendly as well as energy and cost efficient (Source: F&S Report).
Further, it has a dedicated in-house R&D facility and a pilot plant located at Sachin Unit – 6, which is equipped with laboratories engaged in process development, process innovation, new chemical screening and engineering, which assists it in pursuing efficiencies from the initial conceptualization up to commercialization of a product.
Its R&D team has successfully carried out multi-step synthesis and scale-up for several new molecules in the area of life sciences related specialty chemicals and other specialty chemicals, and as a result, expanded its commercialized product portfolio from 25 products in Fiscal 2018 to 34 products in Fiscal 2020 and 36 products in the six months September 30, 2020
Its total revenue have increased at a CAGR of 24.29% from Rs 3,491.82 million in Fiscal 2018 to Rs 5,393.87 million in Fiscal 2020, and was Rs 2,375.73 million and Rs 3,735.99 million in the six months ended September 30, 2019 and 2020, respectively. Its EBITDA for Fiscals 2018, 2019, 2020 and the six months ended September 30, 2019 and 2020 was Rs 745.07 million, Rs 921.74 million, Rs 1,348.96 million, Rs 575.40 million, Rs 774.00 million, respectively while its EBITDA margin was 21.82%, 18.38%, 25.51%, 24.55% and 21.79%, respectively, for similar periods.
Its profit after tax and share of profit of associates was Rs 413.07 million, Rs 492.48 million, Rs 529.75 million, Rs 217.39 million and Rs 264.83 million for Fiscals 2018, 2019, 2020 and the six months ended September 30, 2019 and 2020, respectively, while its PAT margin was 11.83%, 9.45%, 9.82%, 9.15% and 7.09%,
The strengths of the company:
* Strong and long-term relationships with diversified customers across geographies with significant entry barriers;
* Core focus on process innovation through consistent R&D, value engineering and complex chemistries;
* Diversified and customized product portfolio with a strong supply chain;
* Automated manufacturing facilities with strong focus on environment, sustainability, health and safety measures;
* Consistent track record of financial performance; and
* Experienced promoters and strong management team.
For more study : www.anupamrasayan.com
The promoters of Anupam Rasayan India Limited
Mr. Anand S. Desai
Dr Kiran C. Patel
Ms. Monaa Desai
Kiran Pallavi Investments LLC &
Rehash Industrial & Resins Chemicals Pvt ltd
Anupam Rasayan India Limited IPO Main Objects
The Offer is of Fresh Issue.
The Company proposes to utilise the Net Proceeds towards funding the following main object:
Repayment/prepayment of certain indebtedness availed by the Company (including accrued interest)
Anupam Rasayan IPO Details
IPO Opens on : ? 2021
IPO Closes on : ? 2021
Issue Type: Book Built Issue IPO
Fresh Issue Up to [?] Equity Shares aggregating to Rs 760 Cr
Face Value per share : Rs. 10
Anupam Rasayan IPO Price Band Per Equity Share: Rs. ??
Anupam Rasayan IPO Lot Size ? Shares
Anupam Rasayan Listing will at BSE,NSE
Shares offered to
Anchors ? Shares = INR ? Crs
QIB ? Shares = INR ?Crs
NII ? Shares = INR ?Crs
RII ? Shares = INR ?Crs (Lot size: 10 = ? Forms)
Anupam Rasayan IPO Tentative timeTable
Price Band announced
Anupam Rasayan IPO Anchor List
Anupam Rasayan IPO Opens on
Anupam Rasayan IPO Closes on
Anupam Rasayan IPO Allotment on
Unblocking of ASBA
Credit to Demat Accounts
Anupam Rasayan IPOListing on
Anupam Rasayan IPO Ltd Financial Details :
Earnings per Share 2017-18 Rs 6.59
Earnings per Share 2018-19 Rs 6.60
Earnings per Share 2019-20 Rs 6.94
Earnings per Share 2020-21,6M Rs 3.39
Book Value of the Share as on 30.09.2020 Rs 83.06
Return on Net Worth: 17-18 11.78 %
Return on Net Worth: 18-19 10.21 %
Return on Net Worth: 19-20 9.62 %
Return on Net Worth: 20-21,6M : 4.21 %
Upper Price Band/last EPS:
Upper offer price/Book Value Ratio:
Equity Shares outstanding prior to the Offer 29,022,175 Equity Shares
Equity Shares outstanding after the Offer [?] Equity Shares
Anupam Rasayan IPO Peer Comparison:
PI Industries @ PE Multiple of 69.
Navin Fluorine @ PE Multiple of 30.25
Astec Lifesciences @ PE Multiple of 46.43
SRF @ PE Multiple of 30.13
Anupam Rasayan IPO Lead Managers
Axis Capital Limited
Ambit Private Limited
IIFL Securities Limited
JM Financial Limited
Anupam Rasayan , Registrar to the IPO
KFin Technologies Private Limited
Registered Office of Anupam Rasayan India Limited
8110, GIDC Industrial Estate,
Surat 394 230,
Company Secretary and Compliance Officer
Ms. Suchi Agarwal
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