Survival Technologies receives SEBI approval to raise funds via IPO

25 Apr 2023 , 10:16 AM

Mumbai-based speciality chemical maker Survival Technologies has received the approval from markets regulator SEBI to raise up to Rs 1000 crore from initial public offer.

The offer consist fresh issue of equity shares of up to Rs 200 crore and an offer for sale of Rs 800 crore. The offer for sale includes promoter and selling shareholders comprise up to Rs 544.41 crore by Vijaykumar Raghunandanprasad Agrawal, Rs 212.41 crore by Nimai Vijay Agrawal, and Rs 43.18 crore by Prabha Vijay Agarwal.

The company may consider pre-IPO placement, and if done, the issue size will be reduced accordingly.

 It will use the net proceeds from the fresh issue towards funding its working capital requirements and general corporate purposes, according to the company.

JM Financial Limited and ICICI Securities Limited are the book-running lead managers and Link Intime India Private Limited is the registrar of the issue.