 "SH Kelkar's Rs 527 crore-IPO to open October 28")
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SH Kelkar & Company’s Rs 527-crore initial public offering (IPO) will hit the market on October 28. The Mumbai-based fragrance manufacturer has priced its IPO in the range between Rs 173 and Rs 180 a share.
The company is looking to raise Rs 210 crore by issuing fresh shares to help retire all its debt. The remaining amount will go to existing shareholders, including Blackstone, who are paring their holdings in the company.
Blackstone, which invested in the company in 2012, is looking at offloading nearly 10 per cent stake for Rs 290 crore.
Currently, the private equity (PE) firm has a 33.3 per cent stake in SH Kelkar.
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SH Kelkar manufacturers fragrance products and ingredients used in the pharmaceutical and fast-moving consumer goods sectors.
The company has four manufacturing facilities.
The IPO closes on October 30 and is being handled by JM Financial and Kotak Mahindra Capital.
The Rs 3,200-crore IPO of InterGlobe Aviation, which hits the market the same week, will remain open between October 26 and 28.
