India: Tatva Chintan Chem seeks to raise $61.6m via IPO

Tatva Chintan Chem Ltd has filed a draft red herring prospectus with the Securities Exchange Board of India (Sebi) to raise Rs450 crore via an initial public offering (IPO).

The offer comprises a fresh issue of equity shares worth Rs225 crore and an offer for sale of shares aggregating Rs225 crore by its existing promoters and shareholders.

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

Proceeds from the issue will be used to fund capital expenditure for expansion of its Dahej manufacturing facility and upgradation at its R&D facility in Vadodara.

As of December, the company had an installed production capacity of 280 KL and 13 assembly lines at its manufacturing facilities. Pursuant to the proposed expansion, it intends to enhance the installed capacity at its manufacturing facilities by 200 KL and 14 assembly lines.

For fiscal 2020, the company reported a revenue of Rs263.24 crore against 206.31 crore a year ago, while net profit for the period rose to 37.79 crore from 20.54 crore. As of January 2020, the firm had a total outstanding debt of Rs83.17 crore.

Tatva Chintan is a specialty chemical manufacturing company engaged in the manufacture of a diverse portfolio of structure directing agents, phase transfer catalysts, electrolyte salts for super capacitor batteries and pharmaceutical and agrochemical intermediates and other specialty chemicals.

This article was first published on livemint.com.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.