Chemcon Speciality Chemicals, a leading manufacturer of specialised chemicals, has decided to raise Rs 318 crore from the general public via initial public offering (IPO), with price band set at Rs 338-340.

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The public offer will open for subscription on September 21 and end on September 23.

The IPO will comprise of a fresh issue of Rs 165 crore and an offer for sale of Rs 45 lakh equity shares by promoters Kamalkumar Rajendra Aggarwal and Naresh Vijaykumar Goyal. Both promoters will divest 22.5 lakh equity shares each via the IPO.

The bids for the IPO can be for minimum 44 equity shares and in multiples of 44 shares thereafter. The bidding for anchor investors' book will be announced on September 18.

Intensive Fiscal Services and Ambit Capital are book running lead managers, while Link Intime India is the registrar.

Chemcon Speciality Chemicals predominantly services pharmaceuticals industry and inorganic bromides, which are used as completion fluids in the oil industry.

The Baroda-based company supplies its products to domestic customers as well export it to countries like the US, Japan, China, Serbia and Malaysia along with others.

About 64 percent of its revenue in FY20 was derived from pharmaceuticals and about 33 percent from the oil well completion chemicals. In FY20, FY19 and FY18, their revenue from exports contributed about 40 percent, 32 percent and 48 percent respectively to the total revenue from operations.

After the listing, the company will be then compared with specialty chemical industry leaders like Aarti Industries, Neogen Chemicals, Vinati Organics, Fine Organic, Atul and other players.