By: ICN Bureau
Last updated : October 13, 2022 10:08 am
The primary utilisation of IPO funds will be to meet incremental working capital needs of the company
Vital Chemtech Limited, engaged in the business of manufacturing of phosphorus derivatives products, has received an approval from National Stock Exchange (NSE) for an Initial Public Offering (IPO) on NSE's Emerge platform.
The IPO will hit the market in mid-October, 2022. The IPO comprises fresh issues of equity share aggregating up 64,00,000 shares as per Draft Red Herring Prospectus (DRHP). The company has received an in-principle approval letter on 23rd September, 2022 from the exchange board. The primary utilisation of IPO funds will be to meet incremental working capital needs of the company.
The company will have tremendous growth opportunities by diversifying into Alkoxides chemistry. The company's capability of handling large volumes of highly hazardous compounds is a key advantage for various forward integration products/contract manufacturing in a sustainable environment.
The company is also focusing on the value chain created, by exploring various opportunities in forward integration of existing chemicals. The company has land parcels available adjoining the existing Dahej unit, to manufacture various forward integration products and carry out high capability reactions in contract manufacturing.
Vital Chemtech has integrated bulk phosphorus derivatives manufacturing facilities in the country, which finds applications in more than seven segments - Lifesciences; Crop Care; Textile Axillaries; Dyes; Pigments; Specialty Chemicals; and Plastic Additives.
The company currently manufactures around six Phosphorus Derivatives products, each one finding multiple applications across segments. The company’s new product helps the future diversification of its wide customer base across industries.
The company’s facility is located at Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) Region of Dahej (Gujarat) and has ISO 900:2015; ISO 14001:2015 and ISO 45001:2018 from Bureau Veritas. The company has a strong system for Quality Management, Environmental Management, and Health & Safety Management.
The state-of-the-art facility has dedicated manufacturing blocks on the campus to manufacture high quality Phosphorus Derivatives. Three of the five manufacturing plants are PLC/SCADA operated, enabling highest safety and quality standards. The company has zero liquid discharge (ZLD) facilities which is in line with its sustainability and environmental cision.
The Initial Public Offer is managed by Beeline Capital Advisors Private Limited.