Patel Chem Specialities IPO Opens Jul 25

New Delhi, Jul 24 (PTI) Patel Chem Specialities, a manufacturer of starch-based pharmaceutical excipients, on Thursday fixed the price at Rs 82-84 per share for its Rs 58.80 crore initial public offering (IPO).

The IPO will open on July 25 and conclude on July 29. The shares of the company will be listed on BSE's SME platform, Patel Chem Specialities said in a statement.

The public issue is entirely a fresh issue of up to 70 lakh equity shares.

Proceeds from the issue will be utilised to set up a plant at Indrad, Mahesana, for manufacturing Croscarmellose Sodium (CCS), Sodium Starch Glycolate (SSG) – Corn Starch Base & Potato Starch Base and Calcium Carboxymethylcellulose (CMC) and general corporate purposes.

Incorporated in 2008, Patel Chem Specialities is engaged in the manufacturing and exporting of pharmaceutical excipients and specialty chemicals.

As of FY25, the company has an installed production capacity of 7,200 MT per year, with a capacity utilisation rate of 89 per cent.

"The IPO proceeds will fuel our strategic expansion and strengthen our presence in both domestic and international markets. The upcoming facility at Indrad, Mehsana will help us meet rising demand for key products like CCS, SSG, and Calcium CMC, and support our focus on innovation and customer-driven solutions," Bhupesh Patel, MD at Patel Chem Specialities, said.

In FY25, the company reported operating revenue of Rs 105.09 crore and net profit of Rs 10.57 crore.

Cumulative Capital and Unistone Capital are the book-running lead managers and MUFG Intime India is the registrar for the issue.