Anupam Rasayan India IPO
Anupam Rasayan India IPO — date, price band, lot size & details 2021
Anupam Rasayan India listed on 24 Mar 2021 at ₹520, 6.3% below the ₹555 issue price.
Anupam Rasayan does custom synthesis and manufacturing of specialty chemicals, mainly for agrochemical, personal care and pharmaceutical customers. Its total income was Rs 539.39 crore in FY2020.
Stock price
Anupam Rasayan India is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 12 Mar 2021
- Close 16 Mar 2021
- Allotment 19 Mar 2021
- Refund/credit 22 Mar 2021
- Listing 24 Mar 2021
Issue summary
The terms of the offer, as filed.
| IPO Dates | 12 to 16 Mar, 2021 |
|---|---|
| Price Band | ₹553 – ₹555 |
| Face Value | ₹10 |
| Lot Size | 27 Shares |
| Issue Size | ₹760 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE, NSE |
| Employee Discount | Rs 55.00 per share |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,985 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 27 shares at the ₹555 cut-off. Drag to size your application.
| 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 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 6
- 01The whole Rs 760 crore issue was fresh capital, and Rs 563.70 crore of it was meant to repay debt.
- 02Total income rose from Rs 349.18 crore in FY2018 to Rs 539.39 crore in FY2020.
- 03EBITDA rose from Rs 74.51 crore in FY2018 to Rs 134.90 crore in FY2020.
- 04Total income was Rs 563.16 crore in the nine months to 31 December 2020, already above the full FY2020 figure.
- 05It works with global customers such as Syngenta, Sumitomo Chemical and UPL from 6 plants in Gujarat.
- 06Net worth grew from Rs 457.64 crore on 31 March 2018 to Rs 824.52 crore on 31 December 2020.
Risks · 6
- 01Total borrowing was Rs 841.98 crore on 31 December 2020, higher than net worth of Rs 824.52 crore.
- 02The pre-issue P/E was 99.46 at the upper band of Rs 555, based on EPS of Rs 5.58.
- 03Profit after tax grew slowly, from Rs 40.34 crore in FY2018 to Rs 52.98 crore in FY2020.
- 04Life science chemicals made up 95.37% of revenue in Fiscal 2020, so the business depends on agrochemical and pharma demand.
- 05Sales rely on a small number of large multinational customers, and all 6 plants are in Gujarat.
- 06Promoter holding fell from 75.8% before the issue to 65.4% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Anupam Rasayan India offer document.
| Metric | 31 Dec 2020 | 31 Mar 2020 | 31 Mar 2019 | 31 Mar 2018 |
|---|---|---|---|---|
| Assets | 1,919.22 | 1,664.07 | 1,322.50 | 1,001.21 |
| Total Income | 563.16 | 539.39 | 520.96 | 349.18 |
| Profit After Tax | 48.09 | 52.98 | 50.21 | 40.34 |
| EBITDA | 130.76 | 134.90 | 92.17 | 74.51 |
| NET Worth | 824.52 | 593.72 | 507.11 | 457.64 |
| Reserves and Surplus | 738.31 | 543.72 | 457.11 | 407.64 |
| Total Borrowing | 841.98 | 818.02 | 669.75 | 434.90 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Anupam Rasayan India RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Anupam Rasayan India IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹5.58 | ₹4.81 |
| P/E Ratio (x) | 99.46 | 115.38 |
| Market Cap at Offer Price (₹ Cr) | ₹4,783.15 | ₹5,548.85 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹555 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹719.70 Cr of the issue is earmarked to named objects.
About the company
It has two verticals. Life science related specialty chemicals cover agrochemicals, personal care and pharmaceuticals, and made up 95.37% of revenue from operations in Fiscal 2020. Other specialty chemicals cover pigments, dyes and polymer additives.
Customers include Syngenta Asia Pacific, Sumitomo Chemical and UPL. The company has 6 manufacturing facilities in Gujarat, 4 at Sachin and 2 at Jhagadia, with an installed capacity of 23,438 MT.
The IPO was Rs 760 crore and was entirely fresh issue. Rs 563.70 crore of the proceeds was planned for repaying debt.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Anupam Rasayan India IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
JM Financial Ltd.
74 issues handledBest listing: Tempsens Instruments (India) (+111.3%). Weakest: Turtlemint Fintech Solutions (-10.4%).
Axis Capital
71 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
Ambit Capital
9 issues handledBest listing: Ami Organics (+49.2%). Weakest: Metro Brands (-12.6%).
IIFL Capital Services Limited
71 issues handledBest listing: MTAR Technologies (+82.6%). Weakest: Rategain Travel Technologies (-15.3%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Anupam Rasayan India?
The current Grey Market Premium is ₹0.
What is the Anupam Rasayan India IPO price band?
₹553 to ₹555, on a face value of ₹10.
When is the allotment?
The basis of allotment is 19 March 2021, with listing on 24 March 2021.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
