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Safex Chemicals files DRHP, aims to raise ₹450 crore for debt reduction

Safex Chemicals IPO plans: Delhi-based Safex Chemicals, a speciality chemicals company with a focus on agrochemicals, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi). The initial public offering (IPO) comprises a combination of a fresh issue of face value of ₹1 per share aggregating up to ₹450 crore and an offer for sale (OFS) of up to 35.73 million equity shares. The promoters and investors selling shareholders include Surinder Kumar Chaudhary, Rajesh Kumar Jindal, Neeraj Kumar Jindal, Piyush Jindal, Sarcoline, Anchor Partners, and Sage Investment Trust. The company has reserved not more than 50 per cent of the issue for qualified institutional buyers, not less than 15 per cent for non-institutional investors (NIIs) and 35 per cent for retail investors. KFin Technologies is the registrar of the issue. Axis Capital, JM Financial and SBI Capital Markets are the book-running lead managers. According to the DRHP, the company proposes to utilise ₹255.59 crore from the net fresh issue proceeds for repayment or prepayment, in part or full, of certain of or all of borrowings availed by the company and ₹110 crore for repayment/prepayment, in part or full, of certain of or all of borrowings availed by its subsidiary, Shogun Organics, through investments in such subsidiary. The remaining funds will be used for general corporate purposes. The company might consider a pre-IPO placement of ₹90 crore. "If such placement is completed, the fresh issue size will be reduced. The pre-IPO placement, if undertaken, shall not exceed 20 per cent of the size of the fresh issue," as per the DRHP. Check Crizac IPO allotment status About Safex Chemicals Incorporated in 1991, Safex Chemicals operates in three business verticals, including branded formulations, speciality chemicals and contract development and manufacturing (CDMO), catering to the needs of farmers and global agrochemical companies. In a series of acquisitions, the company acquired Shogun Lifesciences in July 2021, Shogun Organics in September 2021 and Briar Chemicals in the United Kingdom in October 2022. As of March 31, 2025, its operations are spread across 22 countries in six continents. In FY25, the company reported revenue from operations of ₹1,584.7 crore, up 12.83 per cent from ₹1,404.59 crore in the previous fiscal.