Safex Chemicals India IPO: Powerful ₹450 Cr Growth Bet

Safex Chemicals India IPO is fully book build issue and total IPO size is ₹450 crores. The entire share offering is a fresh issue worth ₹450 crores.

The dates for the Safex Chemicals India IPO have not been announced yet. The allotment process is expected to be finalized by [.].

The Safex Chemicals India IPO is scheduled to list on BSE, NSE, with a listing date of [.]. The price band for the Safex Chemicals India IPO has not been announced yet.

Registrar for this IPO is Kfin Technologies Limited and lead managers for Safex Chemicals India IPO are Axis Capital Limited, Jm Financial Limited, Sbi Capital Markets Limited.

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IPO Schedule

IPO Open Date	-
IPO Close Date	-
IPO Allotment Date	-
Refund Initiation	-
Share credit in Demat	-
Listing Date	-

Key Details

Price Band	TBA
Lot Size	TBA
Face Value	₹1 Per Equity Share
Total Issue Size	35,734,818 Shares + ₹450 Crores
Fresh Issue	₹450.00 Crores
OFS Issue	35,734,818 Shares
Issue Type	Fresh Issue and Offer for Sale
Listing At	BSE, NSE

Share Reservation

Investor Category	Shares Offered
QIB	N/A
Retail	35%
NII/HNI	15%

About Safex Chemicals (India) Limited Company

Safex Chemicals is a specialty chemicals company with a focus on agrochemicals, operating across the value chain. With over three decades of experience, Safex has grown both organically and inorganically, now with operations spanning 22 countries. The company operates through three key business verticals: branded formulation, specialty chemicals, and contract development and manufacturing (CDMO).

In Fiscal Year 2023, Safex Chemicals recorded a revenue from operations of ₹11,61.02 crore. The company has a strong presence in India, with 70.50% of its revenue from operations originating domestically. The branded formulation business boasts a robust product portfolio, supported by a wide distribution network with over 12,327 active dealers in Fiscal 2023. The specialty chemicals segment manufactures agrochemical active ingredients and household insecticides, including the patented mosquito repellent molecule "Renofluthrin". The CDMO business, conducted through Briar Chemicals in the UK, provides custom synthesis and manufacturing services to global agrochemical companies. The company's commitment to food security and quality of life underscores its strategic vision.

Safex Chemicals (India) Limited Financial Details

Period Ended	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	208.44	192.34	190.52
Revenue	158.48	140.46	116.10
Profit After Tax	-14.29	-22.79	-1.02
Net Worth	67.25	67.39	68.09
Reserves and Surplus	65.65	65.78	66.48
Total Borrowing	83.04	67.71	68.02

₹ In Crore

Key Performance Indicator

Basic EPS (in ₹)	Return on Net Worth (RoNW)	Net Asset Value (NAV)	Debt-Equity Ratio	Return on Equity (ROE)	Return on Capital Employed (ROCE)
(0.89)	(2.34%)	41.88	0.95	(2.12%)	10.65%

Offer Objectives

The Offer includes a Fresh Issue and an Offer for Sale of up to 35,734,818 Equity Shares. The Selling Shareholders will receive proceeds from the Offer for Sale. The company will not receive any proceeds from offer for sale.

The company intends to utilize ₹450 crore from the Fresh Issue. A Pre-IPO Placement of up to ₹90 crore may be considered. If Pre-IPO placement is completed, the amount raised will be reduced from the Fresh Issue. The net proceeds will be used for two main objects:

Repayment/prepayment of borrowings: An estimated ₹255.586 crore will be used to repay borrowings of the company and ₹109.996 crore will be invested in the subsidiary, Shogun Organics Limited, to repay its borrowings, the same would be utilized in fiscal 2026.
General Corporate Purposes: A portion of the proceeds will be allocated to general corporate purposes, not exceeding 25% of the gross proceeds.

As of April 30, 2025, the aggregate outstanding borrowings of the company and subsidiaries amounted to ₹889.034 crore.

The company also expects to receive the benefits of listing of the Equity Shares on the Stock Exchanges, including enhancement of our Company’s brand name and creation of a public market for our Equity Shares in India.