Unilex Colour & Chemical
SME₹31.32 Cr issue
+2.30%
Listing gain over issue price
Issue size
₹31.32 Cr
1 lot at cut-off
₹1,39,200
Lot size
1,600shares
Open
25 Sep 2024
Close
27 Sep 2024
Allotment
30 Sep 2024
Listing
03 Oct 2024
Listing performance
Issue price
₹87
Listed at
₹89
Listing-day close
₹88.15
Latest price
₹30.50
Close on 23 Oct 2026
Listing gain
+2.30%
Return since issue
-64.94%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 25 Sep 2024 – 27 Sep 2024
- Listing date
- 03 Oct 2024
- Face value
- ₹10 per share
- Issue price
- ₹87 per share
- Lot size
- 1,600 shares
- Total issue size
- ₹31.32 Cr
- Market cap at offer price
- ₹118 Cr
- Promoter holding
- 100.00% → 73.56% pre-issue → post-issue
- ISIN
- INE0B2801011
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- 106-107, Advent Atria, Chincholi Bunder Road, Malad (West), Maharashtra
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 | 10,20,800 | — | — |
| Market maker | 1,92,000 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹87
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,39,200 |
| S-HNI (min) | 2 | 3,200 | ₹2,78,400 |
| S-HNI (max) | 7 | 11,200 | ₹9,74,400 |
| B-HNI (min) | 8 | 12,800 | ₹11,13,600 |
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
10,20,800
Anchor portion
₹8.88 Cr
at ₹87 per share
Valuation and performance
Valuation at offer price
₹87 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.16 | 4.53 |
| P/E (×) | 14.12 | 19.21 |
| Market cap | — | ₹118 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 16.73%
- ROCE
- 6.32%
- Debt / equity
- 0.59
- PAT margin
- 4.29%
- NAV per share
- ₹36.80
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Unilex Colour & Chemical
Unilex Colours and Chemicals Limited, incorporated in 2001 and renamed in 2012, is engaged in the manufacturing of pigments and trading of chemicals and food colours. The company specializes in Pigment Blue 15:3 and 15:4 with an annual production capacity of 1,878 MTPA (metric tonnes per annum). Products are marketed under the registered brand name 'Unilex' and find applications across diverse industries including plastic, rubber, textiles, paper, printing inks, paints and coating. The company serves both domestic and international markets. For fiscal year 2024, revenue from operations was ₹14,385.01 lakhs, with 79.44% from exports and 20.56% from domestic sales. The company has been recognized as a Three Star Export House by the Ministry of Commerce, Government of India, and holds REACH certification from the European Union.
Company Analysis
from RHPUnilex Colours and Chemicals Limited manufactures pigments (primarily blue pigments) and trades in chemicals and food colours for plastic, rubber, textiles, paper, printing inks, paints and coating industries.
Unilex Colours and Chemicals Limited, incorporated in 2001 and renamed in 2012, is engaged in the manufacturing of pigments and trading of chemicals and food colours. The company specializes in Pigment Blue 15:3 and 15:4 with an annual production capacity of 1,878 MTPA (metric tonnes per annum). Products are marketed under the registered brand name 'Unilex' and find applications across diverse industries including plastic, rubber, textiles, paper, printing inks, paints and coating. The company serves both domestic and international markets. For fiscal year 2024, revenue from operations was ₹14,385.01 lakhs, with 79.44% from exports and 20.56% from domestic sales. The company has been recognized as a Three Star Export House by the Ministry of Commerce, Government of India, and holds REACH certification from the European Union.
pigments manufacturingchemicals tradingfood colours tradingplasticrubbertextilespaperprinting inkspaints and coating
Objects of the Issue
- To meet Working Capital requirements ₹1,500.00 lakhs p.21
- Repayment of a portion of certain borrowing availed by our Company ₹1,000.00 lakhs p.21
- General Corporate Purpose p.21
- To Meet Working Capital Requirements ₹1,500.00 Lakhs p.72
- Repayment of a portion of certain borrowing availed by our Company ₹1,000.00 Lakhs p.72
- General Corporate Purpose p.72
Issue Structure
- Total Issue
- Up to ₹[●] lakhs (36,00,000 equity shares of face value ₹10 each at issue price ₹[●] per share)
- Fresh Issue
- Up to ₹[●] lakhs (36,00,000 equity shares)
- Offer for Sale
- Nil
- Price Band
- ₹[●] (Floor Price) to ₹[●] (Cap Price) - to be determined
- Lot Size
- [●] shares and multiples thereof
- Face Value
- ₹10 per equity share
Business Model
The company generates revenue through manufacturing and sales of pigments (particularly Pigment Blue 15:3, 15:4, Green 7 and others) and trading of chemicals and food colours. In fiscal year 2024, pigments represented 65.15% of total revenue (₹9,370.73 lakhs), with Pigment Blue 15:3 contributing 25.85%, Pigment Green 7 contributing 19.02%, and Pigment Blue 15:4 contributing 12.44%. The cost of goods sold (88.41% of revenue) comprises cost of materials consumed, purchase of stock in trade, and changes in inventories. The company sources raw materials from local Indian suppliers primarily through open market purchases without long-term contracts.
Business Segments
Manufacturing and trading of pigments and chemicals for printing inks applications
Manufacturing and trading of pigments and chemicals for paints and coating applications
Manufacturing and trading of pigments and chemicals for plastic applications
Manufacturing and trading of pigments and chemicals for textiles applications
Manufacturing and trading of pigments and chemicals for other applications including rubber and paper
The company manufactures and exports specialty chemicals and colorants serving customers in textiles, coatings, and related industries across multiple geographies.
Manufacturing of Pigment Blue 15:3 and 15:4 from raw materials including BM CPC, Caustic Soda Flakes, Gum Rosin, Hydrochloric Acid, Mix Xylene, Additive Monosulphonaled CPC Blue and Unisol SI-20
Trading of various pigments sourced from third-party manufacturers including Pigment Green 7, Middle Chrome, Lemon Chrome, Pigment Violet 3, 23, and 27, Ultramarine Blue, Azo pigments (Red 57:1, 53:1, Orange 5, 13, Yellow 12, 13, 14) and food colours (Tartrazine, Sunset Yellow, Allura Red, Ponceau 4R, Carmoisine, Brilliant Blue)
Manufacturing of Phthalocyanine pigments, particularly Pigment Blue 15:3 and 15:4 with annual production capacity of 1,878 mtpa, from raw materials such as BM CPC, Caustic Soda Flakes, Gum Rosin, Hydrochloric Acid, Mix Xylene, Additive Monosulphonaled CPC Blue and Unisol SI-20. Products are subjected to examination, testing and evaluation for compliance.
Trading of various pigments and food colours such as Pigment Green 7, Middle Chrome, Lemon Chrome, Pigment Violet 3, 23, and 27, Ultramarine Blue, Azo pigments (Red 57:1, 53:1, Orange 5, 13, Yellow 12, 13, 14) and food colours (Tartrazine, Sunset Yellow, Allura Red, Ponceau 4R, Carmoisine, Brilliant Blue) sourced from third-party manufacturers. Revenue from chemicals was ₹7,062.11 lakhs (FY2024) and from food colours was ₹670.74 lakhs (FY2024).
Sale of pigments and dyes to domestic Indian market
Export of pigments and dyes to Vietnam, UAE, Nigeria, Poland, Brazil, USA, Netherlands, Russia, Spain and other countries
SWOT Analysis
Strengths
- • Established brand and manufacturing capability in specialty pigments(p.21)
- • Export House recognition and REACH compliance certification(p.32)
- • Strong production capacity utilization(p.39)
- • Diversified end-user industry applications(p.21)
- • Significant revenue from high-value export markets(p.31)
- • Diversified customer base across multiple geographies(p.80)
- • Diverse product portfolio serving multiple industries(p.80)
- • Experienced management with domain expertise(p.80)
- • R&D capability enabling product innovation(p.80)
- • Strong profitability and return metrics(p.82)
- • Established brand and customer relationships across diversified geographies(p.99)
- • Experienced management team with deep industry expertise(p.97)
- • Diversified product portfolio addressing multiple end-use industries(p.100)
- • Strong manufacturing capability with quality certifications(p.97)
- • In-house R&D capabilities supporting product innovation(p.101)
- • Dual business model combining manufacturing and trading(p.100)
- • Experienced promoter team with 25+ years in pigment and dyes industry(p.140)
- • Three-Star Export House certification and international recognition(p.180)
- • ISO 9001:2015 certified manufacturing facility(p.180)
- • Significant export revenue with geographically diversified customer base(p.180)
- • Established manufacturing capacity with specialized equipment(p.180)
- • Positive financial trajectory with increasing net worth and operating profit over 3 years(p.203)
- • Clean regulatory and legal record with no adverse actions or defaults(p.203)
- • No history of insolvency proceedings or liquidation(p.203)
- • Track record exceeding 3 years as a company(p.203)
Weaknesses
- • Heavy dependence on few key products for revenue(p.27)
- • Major customer concentration without long-term contracts(p.28)
- • Dependence on limited suppliers without long-term agreements(p.29)
- • Significant raw material costs with limited price stability(p.29)
- • Negative operating cash flow in recent fiscal years(p.32)
- • High working capital requirements with significant inventory and receivables(p.33)
- • Corporate governance lapses and non-compliance history(p.28)
- • Lack of board-level experience with listed companies(p.38)
- • High dependence on working capital financing through banks(p.73)
- • Significant short-term borrowings relative to capital structure(p.75)
- • Limited scale compared to industry peers(p.81)
- • Increasing inventory holding requirements to support growth(p.74)
- • Rising trade receivables collection period(p.73)
- • High customer concentration with top 10 customers representing significant revenue portion(p.99)
- • Declining manufacturing revenue relative to trading revenue(p.97)
- • Dependence on imported raw materials subject to price volatility(p.104)
- • Single manufacturing location creating geographic concentration risk(p.97)
- • Limited geographic diversity with concentrated export markets(p.100)
- • High dependence on a few customer categories(p.186)
- • Significant financial leverage with short-term borrowings(p.161)
- • Promoter concentration with 99.88% shareholding(p.139)
- • Margin compression trend over the period(p.181)
- • Post-issue paid-up capital will remain below ₹25 crores, limiting scale(p.203)
Opportunities
- • Growing Indian chemicals sector with significant expansion potential(p.21)
- • India's strong position as global pigments and colorants producer(p.21)
- • Capacity expansion and acquisitions in colors and pigments(p.34)
- • Expansion into domestic market with growing opportunities(p.30)
- • Working capital and debt reduction through IPO proceeds(p.21)
- • Expansion into untapped export markets(p.75)
- • Revenue growth through market share expansion(p.74)
- • Strengthening supplier relationships for competitive pricing(p.74)
- • Improving operational efficiency and margins through working capital optimization(p.74)
- • Global chemical industry growth potential(p.87)
- • Rapid growth in Indian chemical industry demand projected to reach $1 trillion by 2040(p.91)
- • Substitution of Chinese supply chains creating export opportunities(p.95)
- • Growing specialty chemicals market with strong CAGR(p.91)
- • Expansion potential in untapped geographies and end-user industries(p.101)
- • Rising domestic demand driven by increasing middle-class and urbanization(p.94)
- • Government support through incentives and infrastructure development(p.91)
- • Favorable PLI schemes and production incentives for chemicals sector(p.95)
- • Expansion into untapped geographic markets(p.180)
- • Growing demand across diverse end-user industries(p.180)
- • Leveraging integrated supply model combining manufacturing and trading(p.180)
- • Capacity utilization improvement potential(p.180)
- • Potential migration to NSE main board upon reaching required paid-up capital threshold(p.215)
- • Access to capital markets through IPO listing on NSE Emerge SME platform(p.207)
- • Guaranteed market-making support for 3 years post-listing(p.215)
Threats
- • Dependency on manufacturing operations in single location exposed to regional risks(p.27)
- • Intense competition from domestic and multinational companies(p.35)
- • Foreign currency fluctuation risks impacting export revenues(p.31)
- • International trade barriers and export restrictions(p.30)
- • Stringent environmental and regulatory compliance requirements(p.35)
- • Changing consumer preferences and industry dynamics(p.38)
- • Supply chain disruption risks from limited transportation arrangements(p.38)
- • Cyclical demand in end-user industries(p.30)
- • Global economic slowdown and recession risks(p.43)
- • Dependence on global customer base and international economic conditions(p.42)
- • Geopolitical tensions and trade disruption risks(p.42)
- • Currency fluctuation and forex risks(p.43)
- • Potential increase in labour costs due to regulatory changes(p.43)
- • Regulatory and tax law changes impacting profitability(p.44)
- • Indian economy slowdown affecting demand(p.43)
- • Global economic uncertainty and slowdown affecting demand(p.90)
- • Volatility in crude oil prices impacting input costs(p.104)
- • Intense competition from global chemical manufacturers(p.94)
- • Currency depreciation impacting export competitiveness(p.90)
- • Regulatory compliance requirements and environmental regulations(p.109)
- • Supply chain disruptions and logistics challenges(p.90)
- • Volatility in raw material prices affecting cost structure(p.181)
- • Exposure to global economic and trade uncertainties(p.181)
- • Regulatory and compliance risks in international markets(p.181)
- • Manufacturing facility concentration risk(p.181)
- • Exposure to foreign exchange fluctuations(p.181)
- • Dependence on SME platform listing with less stringent disclosure and governance requirements than main board(p.217)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Purushottam Brijlal Sharma | Promoter | 8,58,000 shares (8.57%) | 8,58,000 shares (6.30%) |
| Narendra Parameswarappa Kotehall | Promoter | 1,44,000 shares (1.44%) | 1,44,000 shares (1.06%) |
| Aditya Sharma | Promoter | 22,53,000 shares (22.49%) | 22,53,000 shares (16.52%) |
| Manojkumar Shyamsunder Sharma | Promoter | 22,50,000 shares (22.46%) | 22,50,000 shares (16.52%) |
| Rohit Krishnakumar Sharma | Promoter | 22,50,000 shares (22.46%) | 22,50,000 shares (16.52%) |
| Kabir Radheyshyam Sharma | Promoter | 22,50,000 shares (22.46%) | 22,50,000 shares (16.52%) |
| Aditya Sharma | Promoter | 22.49% | 16.52% |
| Manojkumar Shyamsunder Sharma | Promoter | 22.46% | 16.52% |
| Rohit Krishnakumar Sharma | Promoter | 22.46% | 16.52% |
| Kabir Radheyshyam Sharma | Promoter | 22.46% | 16.52% |
| Purushottam Brijlal Sharma | Promoter | 8.57% | 6.30% |
| Narendra Parameswarappa Kotehall | Promoter | 1.44% | 1.06% |
| Purushottam Brijlal Sharma | Promoter | 8.57% | — |
| Aditya Sharma | Promoter | 22.49% | — |
| Narendra Parameswarappa Kotehall | Promoter | 1.44% | — |
| Manojkumar Shyamsunder Sharma | Promoter | 22.46% | — |
| Kabir Radheyshyam Sharma | Promoter | 22.46% | — |
| Rohit Krishnakumar Sharma | Promoter | 22.46% | — |
| Purushottam Brijlal Sharma | Promoter | 8.57% | — |
| Aditya Sharma | Promoter | 22.49% | — |
| Narendra Parameswarappa Kotehall | Promoter | 1.44% | — |
| Manojkumar Shyamsunder Sharma | Promoter | 22.46% | — |
| Kabir Radheyshyam Sharma | Promoter | 22.46% | — |
| Rohit Krishnakumar Sharma | Promoter | 22.46% | — |
Leadership
Purushottam Brijlal Sharma · Chairman & Whole-time Director
Aditya Sharma · Managing Director
Narendra Parameswarappa Kotehall · Whole-time Director
Manojkumar Shyamsunder Sharma · Executive Director
Rohit Krishnakumar Sharma · Executive Director
Kabir Radheyshyam Sharma · Executive Director
Shankarlal Kedarmal Agarwal · Chief Financial Officer
Gourav Mundra · Company Secretary & 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.
Unilex Colour & Chemical IPO FAQs
What is the lot size of Unilex Colour & Chemical IPO?
The minimum lot size of Unilex Colour & Chemical IPO is 1,600 shares. One lot costs ₹1,39,200 at the cut-off price.
When does Unilex Colour & Chemical IPO open and close?
Unilex Colour & Chemical IPO opened for subscription on 25 Sep 2024 and closed on 27 Sep 2024.
What is the listing date of Unilex Colour & Chemical IPO?
Unilex Colour & Chemical IPO listed on 03 Oct 2024.