Safex Chemicals (India) Ltd, a specialty chemicals player with a focus on agrochemicals, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an Initial Public Offering (IPO). Total size of the IPO will be determined once the Safex Chemicals file theRHP post SEBI approvals. 

The proposed IPO comprises a fresh issue of equity shares  and an offer-for-sale (OFS) of up to 3.57 crore shares by promoters and existing investors, including private equity firm ChrysCapital, which holds a 44.80 per cent stake. The issue also includes a reservation for eligible employees.

The IPO will be conducted through the book-building process, allocating up to 50 per cent of the issue to qualified institutional buyers (QIBs), 15 per cent to non-institutional investors (NIIs) and 35 per cent to retail individual investors.

The company aims to utilise the proceeds from the fresh issue of shares towards repayment of borrowings availed by them as well as subsidiary Shogun Organics Ltd.

JM Financial Ltd., Axis Capital Ltd., and SBI Capital Markets Ltd. are the book-running lead managers for the issue and KFin Technologies Ltd. will be the registrar of the issue.