Anupam Rasayan
Mainboard₹760 Cr issue
-3.66%
Listing gain over issue price
Issue size
₹760 Cr
1 lot at cut-off
₹14,985
Lot size
27shares
Open
12 Mar 2021
Close
16 Mar 2021
Allotment
19 Mar 2021
Listing
24 Mar 2021
Listing performance
Issue price
₹555
Listed at
₹534.70
Listing-day close
₹526.80
Latest price
₹1,101.60
Close on 23 Oct 2026
Listing gain
-3.66%
Return since issue
+98.49%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 12 Mar 2021 – 16 Mar 2021
- Listing date
- 24 Mar 2021
- Face value
- ₹10 per share
- Issue price
- ₹555 per share
- Lot size
- 27 shares
- Total issue size
- ₹760 Cr
- Market cap at offer price
- ₹5,546 Cr
- Promoter holding
- 75.80% → 65.40% pre-issue → post-issue
- ISIN
- INE930P01018
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Ambit Pvt.Ltd.
- Registered office
- 8110, GIDC Industrial Estate, GIDC Sachin, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 40,48,647 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 27 shares per lot, in multiples, at ₹555
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 27 | ₹14,985 |
| Retail (max) | 13 | 351 | ₹1,94,805 |
| S-HNI (min) | 14 | 378 | ₹2,09,790 |
| S-HNI (max) | 66 | 1,782 | ₹9,89,010 |
| B-HNI (min) | 67 | 1,809 | ₹10,03,995 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
40,48,647
Anchor portion
₹225 Cr
at ₹555 per share
Valuation and performance
Valuation at offer price
₹555 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹5,546 Cr |
About Anupam Rasayan
Anupam Rasayan India Limited was initially formed as a partnership firm in April 1984 and converted into a public limited company in 2003. The company has evolved from manufacturing conventional products to custom synthesis and manufacturing of life science-related specialty chemicals and other specialty chemicals involving multi-step synthesis and complex technologies. It serves a diverse base of Indian and global customers, with a key focus on developing in-house innovative processes for complex chemistries and cost optimization. The company manufactures products for over 53 domestic and international customers, including 17 multinational companies.
Company Analysis
from RHPAnupam Rasayan is a leading custom synthesis and manufacturing company for specialty chemicals in India, spanning life science-related chemicals (agrochemicals, pharmaceuticals, personal care) and other specialty chemicals (pigments, dyes, polymer additives).
Anupam Rasayan India Limited was initially formed as a partnership firm in April 1984 and converted into a public limited company in 2003. The company has evolved from manufacturing conventional products to custom synthesis and manufacturing of life science-related specialty chemicals and other specialty chemicals involving multi-step synthesis and complex technologies. It serves a diverse base of Indian and global customers, with a key focus on developing in-house innovative processes for complex chemistries and cost optimization. The company manufactures products for over 53 domestic and international customers, including 17 multinational companies.
Crop Protection (Agrochemicals)PharmaceuticalsPersonal CareSpecialty Pigments and DyesPolymer AdditivesCustom Synthesis
Objects of the Issue
- Repayment/prepayment of certain indebtedness availed by our Company (including accrued interest) ₹5,636.98 million p.23
- General corporate purposes p.23
- Repayment/prepayment of certain indebtedness availed by our Company (including accrued interest) ₹5,636.98 million p.95
- General corporate purposes Up to 25% of Net Proceeds p.94
- Funding capex for new manufacturing facilities and expansion of production capacity
- General corporate purposes Balance left out of Net Proceeds not exceeding 25% p.98
- —
- Not specified in this part
Issue Structure
- Total Issue
- ₹7,600.00 million
- Face Value
- ₹10 per equity share
Business Model
Custom synthesis and manufacturing of specialty chemicals for multinational and domestic customers. The company typically enters into long-term agreements (2-5 years) with customers where it manufactures products to customer specifications. Revenue is generated through manufacturing and supply of specialty chemicals to end-use industries including agrochemicals, pharmaceuticals, and personal care sectors.
Business Segments
Manufacture of specialty chemicals for crop protection and agricultural applications
Manufacture of specialty chemicals for pharmaceutical applications including active pharmaceutical ingredients and intermediates
Manufacture of specialty chemicals for personal care product applications
Manufacture of specialty pigments, dyes, polymer additives and other specialty chemicals
The company manufactures agrochemicals and crop protection products used in insecticides and related agricultural applications.
The company manufactures specialty chemicals used as inputs for pharmaceutical and personal care products.
Manufactures products related to agrochemicals, personal care and pharmaceuticals. Manufactures agro intermediates and agro active ingredients used in insecticides, fungicides and herbicides. Provides anti-bacterial and ultra violet protection intermediates and ingredients for personal care industry. Develops intermediates and key starting materials for active pharmaceutical ingredients.
Used in diverse end-user segments, comprising specialty pigments, specialty dyes and polymer additives.
Manufactures agro intermediates and agro active ingredients for the agrochemicals industry which are used in the manufacture of insecticides, fungicides and herbicides.
Manufacturing and custom synthesis of products related to agrochemicals, personal care and pharmaceuticals
Manufacturing of specialty pigment and dyes, and polymer additives
Manufactures specialty chemicals used as intermediates and active ingredients in pharmaceutical and agrochemical applications
Manufactures other specialty chemicals for industrial applications
SWOT Analysis
Strengths
- • Leading custom synthesis and specialty chemicals manufacturer in India(p.23)
- • Long operational history with evolved capabilities(p.23)
- • Diverse customer base spanning domestic and international markets(p.32)
- • Process innovation and cost optimization capabilities(p.23)
- • Diversified export revenue base across major markets(p.46)
- • Strong revenue growth trajectory(p.47)
- • Improved credit ratings reflecting financial strength(p.52)
- • Strong and long-term relationships with diversified multinational customers across multiple geographies(p.132)
- • Significant entry barriers in custom synthesis industry due to customer validation requirements and high quality standards(p.132)
- • Core focus on process innovation through dedicated R&D facility and complex chemistry expertise(p.132)
- • Leading position in continuous and flow chemistry technology on commercial scale in India(p.132)
- • Diversified product portfolio with 41 commercialized products across multiple industries and limited direct competition(p.135)
- • Backward integration reducing reliance on imports, particularly from China(p.132)
- • Automated manufacturing facilities with ISO certifications and strong health and safety focus(p.136)
- • Consistent track record of strong financial performance and growth despite COVID-19(p.133)
- • Leading position in custom synthesis with established multinational customer base(p.248)
- • Strong long-term customer relationships with 10+ year tenure(p.248)
- • Advanced continuous flow chemistry technology capability(p.248)
- • Expanded product portfolio from 25 to 41 products through R&D(p.248)
- • Significant revenue CAGR of 24.29% and strong EBITDA margins(p.249)
- • Backward integrated Jhagadia Unit-4 reduces import dependency and logistics costs(p.249)
- • Experienced management team with significant chemical industry background(p.249)
- • Life science specialty chemicals focus with high growth trajectory(p.265)
- • Export revenue growth and international customer base expansion(p.265)
- • Successful capacity expansion with new manufacturing facilities(p.269)
- • Strong EBITDA margins and profitability(p.272)
Weaknesses
- • Significant indebtedness with floating rate exposure(p.27)
- • High dependence on limited customer base(p.38)
- • Manufacturing facilities concentrated in single geographic region(p.43)
- • Negative operating cash flows in certain periods(p.30)
- • One Promoter lacks adequate business experience(p.30)
- • Heavy reliance on imported raw materials with price volatility(p.34)
- • Significant dependence on life sciences specialty chemicals segment(p.47)
- • Chronic under-utilization of manufacturing capacity(p.47)
- • Historical non-compliance with corporate governance requirements(p.45)
- • Insufficient CSR expenditure in prior years(p.50)
- • Concentrated manufacturing footprint(p.46)
- • High dependence on top 10 customers representing significant portion of revenue(p.147)
- • No long-term supply contracts for key raw materials, exposing to price and availability fluctuations(p.145)
- • Heavy dependence on exports with 68.05% of Fiscal 2020 revenue from exports(p.147)
- • Newly commissioned facilities (Jhagadia Unit-5 and Sachin Unit-6) operating at low capacity utilization(p.145)
- • Dependence on few customers for revenue concentration
- • High customer concentration with top 10 customers representing majority of revenue(p.251)
- • Significant debt burden with debt-to-equity ratio of 1.02(p.250)
- • High exposure to raw material cost volatility without long-term fixed price contracts(p.251)
- • Material costs represent over 55% of revenue from operations(p.251)
- • All manufacturing facilities concentrated in Gujarat(p.253)
- • High concentration of revenue from top customers(p.282)
- • High and rising finance costs impacting profitability(p.267)
- • Significant working capital requirements and inventory buildup(p.275)
- • Leverage and debt burden with gross debt to equity ratio of 1.02(p.277)
Opportunities
- • Strong industry growth trajectory(p.23)
- • Rapid expansion of custom synthesis segment(p.23)
- • Large addressable market opportunity in specialty chemicals(p.23)
- • Expansion through strategic acquisitions and alliances(p.50)
- • Growing agrochemicals market with expanding crop protection demand(p.48)
- • India's specialty chemicals industry expected to grow at 10-11% CAGR over next five years(p.133)
- • India custom synthesis and manufacturing market growing at 12% CAGR in next five years(p.133)
- • Multinational companies adopting 'China plus one' strategy creating alternative sourcing opportunities(p.133)
- • Opportunity to expand chemistry expertise into new reaction capabilities and value chains(p.138)
- • Potential for organic and inorganic growth to strengthen market position and achieve economies of scale(p.138)
- • Development of advanced technologies like photo chemistry for commercial scale production(p.137)
- • Government of India initiatives including 'Make in India' and production-linked incentives supporting chemical sector growth(p.138)
- • India's specialty chemicals industry expected to grow at 10-11% CAGR(p.248)
- • Custom synthesis manufacturing market growing at 12% with rising CRAMS demand(p.248)
- • India accounts for only 1-2% of global exportable specialty chemicals indicating large improvement scope(p.248)
- • China-plus-one strategy creating alternative sourcing demand for multinationals(p.248)
- • Recent capacity additions at Jhagadia Unit-5 and Sachin Unit-6 to drive growth(p.253)
- • Expansion of life science and specialty chemicals market segments(p.266)
- • Growing agrochemicals business with seasonal tailwinds(p.283)
- • Additional capacity and manufacturing facility buildout(p.278)
- • Export market penetration and new customer acquisition(p.272)
Threats
- • Intense competition from multinational corporations(p.31)
- • Stringent environmental, health and safety regulations(p.36)
- • Manufacturing disruptions from regulatory compliance and natural disasters(p.38)
- • Volatility in raw material prices beyond company control(p.40)
- • Foreign exchange fluctuation risk(p.44)
- • Shift towards alternative crop protection measures(p.43)
- • Regulatory restrictions on agrochemical products(p.45)
- • International trade barriers and tariff risks(p.46)
- • Seasonality and cyclicality in agrochemicals business(p.47)
- • COVID-19 pandemic impact on operations and supply chains(p.49)
- • Customer concentration and demand volatility(p.49)
- • Dependence on utilities and infrastructure(p.52)
- • Indian economic slowdown and inflation impact(p.55)
- • Geopolitical tensions affecting sourcing and trade(p.56)
- • Stringent environmental regulations and compliance costs potentially increasing operating expenses(p.149)
- • Volatile raw material prices and supply chain disruptions affecting profitability(p.145)
- • Foreign exchange fluctuation risks due to significant export-oriented operations(p.147)
- • Competition from larger players with greater financial resources and technology capabilities(p.148)
- • Dependency on limited number of customers creating concentration risk(p.147)
- • Operational and business risks inherent in hazardous chemical manufacturing(p.149)
- • Regulatory changes and product approval requirements extending time-to-market(p.134)
- • Regulatory requirements and compliance costs across multiple laws(p.152)
- • Environmental and pollution control regulations(p.153)
- • Air quality and pollution control restrictions(p.154)
- • Water pollution control and treatment requirements(p.154)
- • Hazardous waste management and authorization requirements(p.154)
- • Labour law compliance and worker safety obligations(p.155)
- • Public liability insurance requirements for hazardous substances(p.156)
- • Intense competition from Chinese, US and EU specialty chemical manufacturers(p.254)
- • Competitors with greater financial resources and R&D capabilities(p.254)
- • Significant foreign currency exposure with 68% of FY2020 revenue from exports(p.252)
- • Government policy changes and regulatory risks affecting agrochemical demand(p.253)
- • Reliance on customer non-binding forecasts affecting production planning(p.251)
- • COVID-19 pandemic impact remains uncertain and unpredictable(p.254)
- • Commodity price volatility affecting raw material costs(p.281)
- • Foreign exchange risk and currency fluctuations(p.280)
- • COVID-19 pandemic supply chain disruptions(p.265)
- • Regulatory and compliance risks across multiple jurisdictions(p.286)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| KPI LLC (Kiran Pallavi Investments LLC) | Promoter | 42.00% | — |
| Mr. Anand S Desai | Promoter | 13.08% | — |
| RIRCPL (Rehash Industrial and Resins Chemicals Private Limited) | Promoter | 6.16% | — |
| Ms. Mona A Desai | Promoter | 4.80% | — |
| Dr. Kiran C Patel | Promoter | — | — |
| KPI LLC | Promoter | 42.00% | [●] |
| Mr. Anand S Desai | Promoter | 13.08% | [●] |
| RIRCPL | Promoter | 6.16% | [●] |
| Ms. Mona A Desai | Promoter | 4.80% | [●] |
| Dr. Kiran C Patel | Promoter | — | — |
| Mr. Anand S Desai | Promoter | — | — |
| Ms. Mona A Desai | Promoter | — | — |
| Mr. Anand S Desai | Promoter | — | — |
| Dr. Kiran C Patel | Promoter | — | — |
| Ms. Mona A Desai | Promoter | — | — |
| KPI LLC | Promoter | 42.00% | — |
| RIRCPL | Promoter | — | — |
| Milan Thakkar | Promoter/Independent Director | 23.20% | — |
| Anand Desai | Promoter/Director | 13.08% | — |
| Shraddha Desai | Promoter | 10.03% | — |
| Rehash Industrial & Resins Chemical Pvt Ltd | Promoter Group | 6.16% | — |
| Mona Anand Desai | Promoter | 4.80% | — |
| Kiran Pallavi Investments LLC | Promoter/Shareholder | 42.00% | — |
| Not provided in this part | Not provided in this part | — | — |
Leadership
Mr. Anand S Desai · Promoter and Managing Director
Dr. Kiran C Patel · Promoter
Ms. Mona A Desai · Promoter
Ms. Suchi Agarwal · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Anupam Rasayan IPO FAQs
What is the lot size of Anupam Rasayan IPO?
The minimum lot size of Anupam Rasayan IPO is 27 shares. One lot costs ₹14,985 at the cut-off price.
When does Anupam Rasayan IPO open and close?
Anupam Rasayan IPO opened for subscription on 12 Mar 2021 and closed on 16 Mar 2021.
What is the listing date of Anupam Rasayan IPO?
Anupam Rasayan IPO listed on 24 Mar 2021.