Dorf-Ketal Chemicals India Ltd, a specialty chemicals company, has filed preliminary papers with SEBI to raise ₹5,000 crore through an initial public offering (IPO). The IPO consists of a fresh issue of equity shares worth up to ₹1,500 crore and an offer for sale of shares worth ₹3,500 crore by promoter Menon Family Holdings Trust. The funds raised will be used for various purposes, including repaying debt, investing in subsidiaries, and general corporate needs.
Established in 1992, Dorf-Ketal Chemicals is a global manufacturer and supplier of specialty chemicals for industries such as oil and gas, refining, and petrochemicals. It counts Reliance Industries, Petronas, and Indian Oil Corporation among its customers, with a total of 1,322 customers as of September 2024. The company operates 16 manufacturing facilities in four countries and holds several patents globally.
In recent years, Dorf-Ketal Chemicals has made strategic acquisitions to expand its offerings and geographic presence. These acquisitions have contributed to the company’s strong financial performance, with profits growing at a CAGR of 50.18% and revenue increasing at a CAGR of 45.47% from FY22 to FY24.
JM Financial Ltd, Citigroup Global Markets India Private Ltd, and other leading financial institutions are the book-running lead managers for the IPO. The company’s decision to go public reflects its confidence in its business model and growth prospects in the global specialty chemicals market.
