MUMBAI, 24 APRIL, 2023 (GPN): Mumbai-based Survival Technologies Limited, a contract research and manufacturing services (“CRAMS”) with a focus on speciality chemical manufacturing in India has received final observation from the capital markets regulator, Securities and Exchange Board of India (SEBI), to raise Rs 1,000 crore through an initial public offering (IPO).
The company had filed preliminary IPO papers with Sebi on December 28, 2022.
The public issue with a face value of Rs 2 per equity share consists of a fresh issue of equity shares worth up to Rs 200 crore and an offer-for-sale (OFS) of up to Rs 800 crore by Promoter and selling shareholders, which comprises up to 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.
The company, in consultation with the lead bankers to the issue, may consider a Pre-IPO placement of specified securities for cash consideration. If such placement is completed, the issue size will be reduced accordingly.
The proceeds from the fresh issuance worth Rs 175 crores will be used towards funding its working capital requirements and general corporate purposes.
Survival Technology is one of the few speciality chemical manufacturers in India manufacturing select products from the heterocyclic and fluoro organic product groups for sale in India and globally, according to a CRISIL Report mentioned in the DRHP. Its key customers include multinational corporations such as Evonik Industries AG (“Evonik”), Chori Co. Limited (“Chori”), BioSpectra Inc. (“BioSpectra”), LBB Specialities, Procos, MOEHS Iberica, S.L., Sumitomo Corporation, Synthetics USA, LLC, Alzchem Trostberg GmbH and domestic companies such as Lee Pharma Limited, MSN Laboratories Private Limited, Sai Life Sciences Limited, and Dr. Reddy’s Laboratories. As of June 30, 2022, it had served 201 customers.
JM Financial Limited, and ICICI Securities Limited are the book-running lead managers and Link Intime India Private Limited is the registrar to the issue. Ends
Sebi Link: https://www.sebi.gov.in/
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