GCIL IPO opens on Sep 11
Gwalior Chemical Industries Limited (GCIL), a manufacturer of niche chemical products, is entering the capital market with its IPO aggregating Rs 80-crore through the 100 per cent book-building process.
By PTI |
MUMBAI: Gwalior Chemical Industries Limited (GCIL), a manufacturer of niche chemical products, is entering the capital market with its IPO aggregating Rs 80-crore through the 100 per cent book-building process.
The price band for the offer has been fixed at between Rs 71 and Rs 85 per share, a press release issued here on Tuesday said.
The company manufactures chlorinated compounds and their derivatives besides black viscose dye. The company presently has facilities to manufacture the first-stage downstream products and now intends to further expand into the second stage of value-added downstream products like esters, which are used in the flavour and fragrance industry.
The company also plans to further expand into acid chlorides which are value-added downstream products of thionyl chloride.
The company has also incorporated a subsidiary in Belgium to strengthen its exports drive and this Belgium subsidiary besides providing marketing support also has storage facilities to cater to the needs of the company customers in Europe.
The company had registered net sales and adjusted profit after tax of Rs 170.63-crore and Rs 15.59-crore in FY 06 as against net sales and PAT of Rs 136-crore and Rs 13.02-crore in FY 05.
The issue opens on September 11 and closes on September 14 with JP Morgan Stanley Private Limited being the sole book-running lead manager to the issue.
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