SH Kelkar & Company on Tuesday raised Rs 150 crore by allotting shares to anchor investors in a pre-IPO placement. The list of anchor investors includes T Rowe and Neuberger Berman, ICICI Prudential, L&T Mutual Fund and Small Cap World Fund.
The allotment was done at a price of R180 per share. The IPO is scheduled to open for public subscription on Wednesday.
The Mumbai-based fragrance maker plans to raise R510 crore through the offer, and has fixed the price band of R173-180 per share.
The IPO consists of a fresh issue of R210 crore and an offer for sale (OFS) worth R298 crore (at the upper price band) by existing shareholders, including Blackstone Capital Partners and SH Kelkar’s non-executive director Prabha Ramesh Vaze. In 2010, Blackstone had bought a 33% stake in the company for R243 crore.
SH Kelkar & Company plans to use the proceeds of the issue for repayment of existing corporate debt, to infuse fresh funds into subsidiary company KV Arochem, and for general corporate purposes.
SH Kelkar manufacturers fragrance products and ingredients used in the pharmaceutical and fast-moving consumer goods sectors.
Keynote Corporate Services, Kotak Investment Banking and JM Financial are the financial advisors to the issue.
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