New Delhi, Dec 29 (PTI) Speciality chemical manufacturer Survival Technologies has filed preliminary papers with markets regulator Sebi to mop-up Rs 1,000 crore through an Initial Public Offering (IPO).

The IPO comprises a fresh issue of equity shares aggregating to up to Rs 200 crore, and an Offer For Sale (OFS) aggregating to up to Rs 800 crore by its promoters and promoter group shareholders, according to its Draft Red Herring Prospectus (DRHP).

Also Read | 7th Pay Commission: Centre Likely to Raise Fitment Factor Soon, Know How Much Salary Will Increase.

The OFS will see the sale of shares to the tune of Rs 544.41 crore by Vijaykumar Raghunandanprasad Agrawal, Rs 212.41 crore by Nimai Vijay Agrawal and Rs 43.18 crore by Prabha Vijay Agarwal.

Going by the draft papers, the company may explore a pre-IPO placement. If such a placement is undertaken, the size of the fresh issue will be reduced.

Also Read | Employment News: Fired Tech Workers Mostly Landing New Jobs in 3 Months in the Ongoing Global Macro-Economic Conditions, Says Report.

Proceeds from the issue worth Rs 175 crore will be utilised towards funding the working capital requirements of the company and other general corporate purposes.

The Mumbai-based firm is a Contract Research And Manufacturing Services (CRAMS) focused speciality chemical manufacturer in India. It is one of the few speciality chemical manufacturers in India manufacturing select products from the heterocyclic and fluoro organic product groups for sale in domestic and in international markets.

For financial year ended March 2022, the company's profit after tax stood at Rs 73.46 crore, whereas its revenue from operations rose to Rs 311.78 crore in FY22, as compared to Rs 274.79 crore in the previous fiscal.

JM Financial and ICICI Securities Ltd are the book running lead managers to the issue.

The equity shares are proposed to be listed on both the bourses -- NSE and BSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)