August 25, 2023
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Balaji Speciality Chemicals IPO GMP, Details to watch, Guidance & Subscription status @
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Balaji Speciality IPO Timetable
Balaji Speciality IPO Guidance.
There is sharp rise in the profits in the year 2021-22. However detailed guidance will be posted once the price band is announced.
Balaji Speciality IPO Grey Market updates
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Balaji Speciality IPO Subscription Status
Will update once the IPO opens
Balaji Speciality Chemicals IPO Promoters
BALAJI AMINES LIMITED, ANDE PRATHAP REDDY, ANDE SRINIVAS REDDY, RAM REDDY DUNDURAPU, RAJESHWAR REDDY NOMULA & GADDAM HEMANTH REDDY
Balaji Speciality Chemicals IPO Company Details to watch
Balaji Speciality Chemicals is the sole manufacturer in India of niche chemicals such as Ethylenediamine, Piperazine (Anhydrous), Diethylenetriamine, Amino Ethyl Ethanol Amines and Amino Ethyl Piperazine, using the Monoethanol Amine (“MEA”) process. The chemicals it manufactures are import substitutes and are used in various end-use industries such as speciality chemicals, agrochemicals, and pharmaceuticals. The company commenced commercial production in June 2019 from its manufacturing facility located at Solapur, Maharashtra and has since scaled its operations, grown the brand and customer base to become one of the fastest growing speciality chemicals companies in India.
Balaji Speciality Chemicals is a subsidiary of Balaji Amines Limited, one of the leading manufacturers of aliphatic amines in India. BAL specializes in manufacturing of methylamines, ethylamines, derivatives of
specialty chemicals and pharma excipients.
Industry Opportunity
The global market for its portfolio of Ethylenediamine, Piperazine, Diethylenetriamine, Amino Ethyl Ethanol Amines and Amino Ethyl Piperazine is expected to grow from 1,078 kilo tons (“KT”) in Fiscal 2022 to 1,570 KT by Fiscal 2028, growing at a CAGR of 6.5% (Source: CRISIL Report). The global market for these products is presently valued at US$ 2.2 billion and is expected to grow at 6.9% CAGR to US$ 3.3 to 3.4 billion by Fiscal 2028. In Fiscal 2022, India imported 31.8 KT of Ethylenediamine, 1.1 KT of Piperazine (Anhydrous), 4.4 KT of Diethylenetriamine, 0.2 KT of Amino Ethyl Ethanol Amines and 0.3 KT of Amino Ethyl Piperazine. Further, in the last three Fiscals, India cumulatively imported 125.4 KT of these products, i.e., 105.5 KT of Ethylenediamine, 6.3 KT of Piperazine (Anhydrous), 12.2 KT of Diethylenetriamine, 0.6 KT of Amino Ethyl Ethanol Amines and 0.7 KT of Amino Ethyl Piperazine.
The industry for these products is characterised by high entry barriers because of its capital-intensive nature, technical know-how required to produce products and a large distribution network which may not be possible for new entrants in the market.
Product Portfolio
As of March 31, 2022, the product portfolio comprised five niche chemicals catering to a diverse range of end user industries, including speciality chemicals, agrochemicals: and pharmaceuticals across multiple applications. It has focused on products based on certain criteria: (i) manufactured for the first time in India; (ii) import substitutes; (iii) continuous process technology, (iv) high export potential; (v) multiple high growth application areas such as speciality chemicals, pharma and agrochemicals; and (vi) commodity raw materials. The company consistently increased its production volume, from 4,428.39 MT in Fiscal 2020 to 16,851.72 MT in Fiscal 2022, enabling it to cater to the growing market opportunity.
For more information, click www.balajispecialitychemicals.com
Objects of the IPO
The Company proposes to utilize the Net Proceeds from the Fresh Issue towards
1. Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by the Company
2. Funding working capital requirements of the Company
| Balaji Speciality IPO Details to watch | |
| IPO opens on | ? August 2023 |
| IPO closes on | ? August 2023 |
| Issue Type | Book Built Issue IPO |
| Issue Size | ? Sh /Rs ? Cr |
| * Fresh Issue | Rs.250 Cr |
| * Offer for Sale | 26000000 Sh /Rs ? Cr |
| Face Value per share: | Rs. 10 |
| Price Band | Rs. ? |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | ? Shares |
| Listing will at | BSE, NSE |
| Shares offered to | Shares | Rs. in Cr |
| QIB (75 %) | ? | ? |
| NII (15 %) | ? | ? |
| RII (10 %) | ? | ? |
| Employees | – | ? |
| Total Shares | ? | ? |
| Retail portion will be oversubscribed by | 102459 Forms | |
| How much Shares to Apply? | Rs. | |
| Min Retail Application | ? Sh | ? |
| Max Retail Application | ? Sh | ? |
| Small HNI (Min) application | ? Sh | ? |
| Small HNI (Max) application | ? Sh | ? |
| Big HNI Application | ? Sh | ? |
| Balaji Speciality IPO Tentative timetable | |
| IPO opens on | ? August 2023 |
| IPO Closes on | ? August 2023 |
| IPO Allotment on | ? August 2023 |
| Unblocking of ASBA | ? August 2023 |
| Credit of Shares | ? August 2023 |
| Listing on | ? August 2023 |
| Registered Office of Balaji Speciality | |
| 2nd Floor, Balaji Towers No 9/1A/1, Hotgi Road, Aasara Chowk, Solapur413 224, Maharashtra | |
| Balaji Speciality IPO Lead Managers | |
| HDFC Bank, JM financial | |
| Registrar to Balaji Speciality IPO | |
| Link Intime India Pvt. Ltd |
| Balaji Speciality IPO Financial & Analytical Ratios | ||||
| Year | Total Income | Net Profit | EPS | RoNW |
| Rs. in Cr | Rs.in Cr | Rs. | % | |
| 2020-21 | 175.88 | 10.39 | 0.52 | 14.18 |
| 2021-22 | 516.04 | 103.94 | 5.45 | 81.91 |
| 2022-23 | 798.75 | 178.14 | – | – |
| Book Value of the Share | on 31.03.22 | Rs.9.37 | ||
| Book Value of the Share | after the IPO | Rs. | ||
| Offer Price | Rs. ? | |||
| Ratio Analysis | |
| Price Band/last EPS | ? |
| Upper offer price/Book Value Ratio | ? |
| Upper offer price/BV after IPO Ratio | – |
Balaji Speciality Chemicals IPO Peer Comparison
| As on date of DRHP | Total | PE | RoNW |
| Income | Ratio of | ||
| Rs. In Cr | % | ||
| The IPO Company | 516 | (?) | 81.91 |
| Clean Science | 715 | 74.81 | 34.93 |
| Alkyl Amines Chemicals L | 1557 | 69.84 | 25.24 |
| Tatva Chintan Pharma | 443 | 52.61 | 30.01 |
| Neogen Chemicals | 488 | 76.02 | 14.34 |
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