Hindcon Chemicals IPO opens on Monday, to raise Rs 77 mn to meet expenses

In 2016-17, the company's net revenue of operations was Rs 339.4 million, of which 32.14% came from exports to Nepal, Bhutan and Bangladesh

Chemical products manufacturer Hindcon Chemicals on Sunday said its initial public offer (IPO) will open tomorrow to raise up to Rs 77.3 million.

The company said it will use the proceeds to meet working capital requirements, general corporate purposes and expenses.

The IPO will put to offer 2,760,000 equity shares of face value of Rs 10 each at a cash price of Rs 28 per piece. The issue closes on February 28.

"With several decades of concrete experience in the field, wide range of products and strong R&D back-up, the company is poised for strong growth and well positioned to become a leader in the segment, increase its market share and profitability," Sanjay Goenka, Managing Director and Promoter of the company said in a statement.

In 2016-17, the company's net revenue of operations was Rs 339.4 million, of which 32.14 per cent came from exports to Nepal, Bhutan and Bangladesh.

The key product portfolio of Hindcon includes protective waterproofing coatings, sodium silicates, concrete & mortar admixtures, epoxy grouts & mortars, waterproofing compounds, shotcrete aids, remover cleaning compounds, sealants, tile adhesives, among others.