New Delhi: Specialty chemicals maker Prasol Chemicals Ltd is preparing to tap the primary market with its Rs 500-crore initial public offering next week. The Prasol Chemicals IPO will open for public subscription on September 8 and close on September 10. The company has fixed a price band of Rs 643-676 per equity share, according to its public announcement.Anchor investors will be able to submit bids on September 7, a day before the issue opens for other investors.Fresh Issue, OFS Details

The Rs 500-crore public offering consists of a fresh issue of equity shares worth up to Rs 80 crore and an Offer for Sale (OFS) of shares valued at up to Rs 420 crore by existing shareholders.
Prasol Chemicals plans to use proceeds from the fresh issue towards repayment of debt and meeting working capital requirements. A portion will also be deployed for general corporate purposes.At the upper end of the Prasol Chemicals IPO price band, the specialty chemicals manufacturer will command a valuation of around Rs 6,001 crore.From Acetone to PharmaFounded in 1992 as Prachi Poly Products Private Ltd, the company was renamed Prasol Chemicals in 2007 and became a public company again in 2022.Prasol Chemicals manufactures acetone and phosphorus-based specialty chemicals along with products involving differentiated chemistries. Its chemicals find applications across pharmaceuticals, agrochemicals and consumer products, including sunscreens, shampoos, flavours, fragrances and disinfectants.JM Financial and DAM Capital Advisors are serving as the book-running lead managers for the IPO.