Safex Chemicals (India) Ltd. filed its preliminary papers with the Securities and Exchange Board of India to raise at least Rs 450 crore via fresh issue of shares through an initial public offering.
The public offer will also include an offer-for-sale component. Surinder Kumar Chaudhary, Rajesh Kumar Jindal, Neeraj Kumar Jindal, and Piyush Jindal are promoter selling shareholders, who are offloading a cumulative stake of nearly 29 lakh shares.
Other investors looking to offload stake include Sarcoline Ltd., Anchor Partners, and Sage Investment Trust. The equity shares are proposed to be listed on the National Stock Exchange of India and BSE.
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.
Business
Safex Chemicals is a specialty chemicals company with a focus on agrochemicals. They operate in three business verticals – branded formulation, specialty chemicals and contract development and manufacturing catering to the needs of farmers and global agrochemical companies.
The company was incorporated in 1991 by Surinder Kumar Jindal and Surinder Kumar Chaudhary and provides a wide range of crop protection products. They have evolved from a pure-play branded agrochemical formulation company to a specialty chemicals company.
Safex’s operations are spread across 22 countries in six continents, as of March 31, 2025.
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