Anupam Rasayan India IPO opened for subscription on Friday with a price band fixed at Rs 553-555 apiece. The initial public offer (IPO) of the speciality chemical manufacturer plans to raise Rs 760 crore through the public issue and it will close on March 16.

Speaking to CNBC-TV18, Afzal Malkani, CFO of the company said that neither promoters nor other investors are looking to sell their shares.

“Neither promoters or investors are looking to sell. Promoters are in lock-in for one year and the financial investor Dr. Kiran Patel is also not looking for sell in the near to medium future,” he said.

Also Read: Anupam Rasayan IPO opens today: Should you subscribe?

He added that the cash flows are lower due to higher working capital requirement. He further mentioned that the average asset turnover in the speciality chemicals industry is around 1.4-1.5x and expects the company to be able to do utilisation of 90 percent over next 2 years.

Watch video for more

(Edited by : Pranati Deva)