Mumbai, 28th November 2023 (GNI): Mumbai-based Onest Ltd and Vadodara-based Shiva Pharmachem has received final observation from the capital markets regulator, Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO).
Onest and Shiva Pharmachem had filed preliminary IPO papers with Sebi on July 28, and August 21, 2023 respectively.
The Initial Public Offering of Onest Ltd comprises of a fresh issue of Rs 77 crore and an offer for sale (OFS) of up to 3.25 million shares by Promoter and other selling shareholders, while that of Shiva Pharmachem is entirely an offer for sale (OFS) of up to Rs 900 crore by Promoter and Promoter Group Selling Shareholders.
Onest Ltd is primarily engaged in the Fast-Moving Consumer Goods (FMCG) market with a range of home care and personal care products, food products and household products catering to B2B2C and B2B customers. The company develops brands such as Florona, Hunk, Brio, Freshia, Varino, Endiro, Ekon, and Delight to cater to these specific needs and preferences.
Shiva Pharmachem is the largest manufacturer of acid and alkyl chlorides, by volume, in CY 2022 in India and a key player globally, with over 2 decades of experience in the Indian specialty chemicals business. The company commenced its operations centered around chlorine chemistry, particularly specializing in the chlorination of acids and alcohols using thionyl chloride. Its product lines encompass a broad spectrum, including aliphatic and aromatic chlorides, aliphatic and aromatic nitriles, alkoxy ketones, herbicide safeners, thiocarbamates, chloroformates, and isocyanates.
Monarch Networth Capital Limited and Unistone Capital Private Limited is the book running lead managers of Onest Ltd and JM Financial Limited, and Kotak Mahindra Capital Company Limited are the book running lead managers of Shiva Pharmachem.ends GNI
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