NEW DELHI, July 5:  Speciality chemicals company Safex Chemicals (India) has filed preliminary papers with the capital markets regulator Sebi to seek approval to raise funds through an initial public offering (IPO).

  The IPO is a mix of fresh issue of shares worth Rs 450 crore and an offer-for-sale of 35,734,818 shares by promoters, investors and other selling shareholders, according to the draft red herring prospectus (DRHP) filed on Thursday.

Proceeds from the fresh issue will be used for debt payment and general corporate purposes.

Chrys Capital had invested in the company in March 2021 and September 2022, and owns 44.80 per cent of the equity share capital.

Safex Chemicals may consider raising Rs 90 crore in a pre-IPO placement. If such placement is completed, the fresh issue size will be reduced.

Incorporated in 1991, Safex Chemicals (India) operates in three business verticals — branded formulations, speciality chemicals and contract development and manufacturing (CDMO). It serves farmers to help increase crop productivity by providing a wide range of crop protection products.

The company has undertaken a series of acquisitions, as it bought Shogun Lifesciences in July 2021, Shogun Organics in September 2021 and Briar Chemicals in the UK in October 2022.

As of March 31, 2025, the company had operations spread across 22 countries. It has seven manufacturing units in India and one in the United Kingdom.

Safex Chemicals’ revenue from operations increased by 12.83 per cent to Rs 1,584.78 crore in fiscal 2025 from Rs 1,404.59 crore in the preceding fiscal.

Axis Capital, JM Financial and SBI Capital Markets are the book-running lead managers to the issue. Equity shares are proposed to be listed on the NSE and BSE.  (PTI)