The initial public offering (IPO) season seems to be approaching once again in the stock market. There are many companies that have submitted documents to SEBI for IPO. One such company is chemical maker Gujarat Polysol Chemicals Limited (GPCL). GPCL has submitted preliminary documents with the Securities and Exchange Board of India (SEBI).
As per the draft IPO proposal, GPCL aims to raise Rs 414 crore through this IPO. Under the IPO, the company will issue fresh shares worth Rs 87 crore while the promoters will bring an offer for sale (OFS) of equity shares worth Rs 327 crore.
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What will the company do with the money: GPCL will use the proceeds from the IPO to pay off debt and meet general corporate objectives. The Gujarat based company is one of the leading suppliers in the textile, leather industries besides infrastructure-technology, dyes and pigments.