Minerva Capital Research Solutions

Prasol Chemicals

RHP
ListedListed 16 Sep 2026MainboardNSE: PRASOLCHEMCheck allotment
Current price₹ 745.8+10.33% since issue
Listing day−9.76%
Issue price
₹ 676
Issue size
₹ 500 Cr.
Min. investment
₹ 14,872
Listing price
₹ 610
Subscribed
3.3x
Lot size
22 shares
RoNW
18.53%
RoCE
22.43%
Debt / Equity
0.19
PAT margin
6.74%
EBITDA margin
11.30%
RoE
20.37%
NAV
₹ 77.33
Promoter stake
77.51%

About

Prasol Chemicals was started in 1992 and works in the specialty chemicals industry. Specialty chemicals are made in smaller quantities for a specific use, unlike bulk commodity chemicals. The company makes more than 150 different specialty chemicals. Its range covers 21 acetone based chemicals, 53 phosphorous based chemicals and 76 other products such as surfactants, esters and acids. These products go into five main industries. These are performance chemicals such as lubricant and mining additives, the group known as PICA which covers paint, inks, construction and adhesives, pharmaceuticals, agrochemicals, and home and personal care. Its customers include Alembic Pharmaceuticals, Lubrizol India, Rossari Biotech, Clean Science, Gharda Chemicals, Croda India, Supriya Lifescience and Yasho Industries. As on 31 July 2026 it served about 1,600 customers and exported to 69 countries, and it is certified as a 3 Star Export House by the Government of India. It runs two plants, at Khopoli covering 1,20,604 square metres and at Mahad covering 1,19,423 square metres, with a combined capacity of 98,644 tonnes a year.

Timeline

  1. Opens
    8 Sep
    done
  2. Closes
    10 Sep
    done
  3. Allotment
    11 Sep
    done
  4. Refunds
    15 Sep
    done
  5. Demat credit
    15 Sep
    done
  6. Listing
    16 Sep
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 165 on 4 Sep 2026
Lowest
₹ −15 on 11 Sep 2026
First quoted
₹ 14 on 3 Sep 2026

Subscription

How many times each investor group bid for its share, as of 16 Sep 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)122₹ 14,872
Retail (Max)13286₹ 1,93,336
S-HNI (Min)14308₹ 2,08,208
B-HNI (Min)681,496₹ 10,11,296

Company overview

Financials

Financials by year
Assets839.28723.09626.36
Total Income1,237.851,015.54887.56
Profit After Tax83.1243.5718.13
EBITDA139.3287.7760.53
NET Worth448.51367.46325.84
Reserves and Surplus436.91355.87314.24
Total Borrowing110.06101.0582.07

Strengths

  • Profit has grown more than four times in two years, from Rs 18.13 crore in FY2024 to Rs 43.57 crore in FY2025 and Rs 83.12 crore in FY2026.
  • Sales have grown steadily, from Rs 887.56 crore in FY2024 to Rs 1,015.54 crore in FY2025 and Rs 1,237.85 crore in FY2026.
  • EBITDA more than doubled over the same period, from Rs 60.53 crore to Rs 139.32 crore.
  • The product range is very wide at more than 150 chemicals, spread across five different end industries, so it does not depend on one sector.
  • The customer base is large and reputed, with about 1,600 customers including Alembic Pharmaceuticals, Lubrizol India, Rossari Biotech, Clean Science and Croda India.
  • It exports to 69 countries and is certified as a 3 Star Export House, with distribution across Asia Pacific, the Americas and Europe.
  • It has a long record of more than 30 years and two plants with a combined capacity of 98,644 tonnes a year.
  • RoCE was 22.43% and RoNW was 18.53% in FY2026.

Risks

  • The P/E and EPS are not stated in the data available to us, so the issue cannot be compared with chemical peers on earnings from here.
  • The profit margin is thin at 6.74%, which is low for a company describing itself as a specialty chemicals maker.
  • Very little of the money is going into the business. Only Rs 60 crore of the Rs 500 crore issue is earmarked for repaying borrowings, with the rest to general corporate purposes and to the selling shareholders.
  • Borrowing has gone up every year, from Rs 82.07 crore in FY2024 to Rs 101.05 crore in FY2025 and Rs 110.06 crore in FY2026.
  • Raw material prices drive this business. Acetone and phosphorus feedstock are linked to crude and to global chemical cycles, and a sharp rise cannot always be passed on.
  • Both plants are in Maharashtra, at Khopoli and Mahad, so there is regional concentration, and chemical plants carry pollution control and environmental compliance risk.
  • Exporting to 69 countries brings currency risk and exposure to anti-dumping duties and trade rules in those markets.
  • This is a fresh issue combined with an offer for sale, and promoter holding falls from 89.2% to 77.51% after the issue.

What the money is for

Objects of the issue
Repayment and/ or pre-payment, in full or part, of certain borrowings availed by the company60
General Corporate Purposes—

Promoters

  • Nishith Rajnikant Shah
  • Gaurang Natwarlal Parikh
  • Dhaval Nalin Parikh
  • Pankil Nishith Dharia
  • Sachin Jatin Parikh
  • Rakesh Gupta
  • Nishith Rasiklal Dharia
  • Kunal Tushar Dharia
  • Suketu Navinchandra Parikh
  • Usha Rajnikant Shah
Promoter holding89.2%→77.51%before → after the issue · down 11.69 points

Anchor investors

14 anchors put in ₹ 149.99 Cr., including 8 mutual funds.

Anchor investors
KOTAK SPECIAL OPPORTUNITIES FUND1,17,8987.975.31%
KOTAK HEALTHCARE FUND1,17,8767.975.31%
KOTAK RURAL OPPORTUNITIES FUND60,1044.062.71%
TATA INDIA PHARMA & HEALTHCARE FUND1,47,950106.67%
TATA INDIA INNOVATION FUND1,47,928106.67%
ADITYA BIRLA SUN LIFE INSURANCE CO.LTD.2,95,8782013.33%
TATA AIA LIFE INSURANCE CO.LTD.-SMALL CAP DISCOVERY FUND (ULIF 071 22/05/23 SCF 110)2,95,8782013.33%
TURNAROUND OPPORTUNITIES FUND2,21,8921510%
360 ONE EQUITY OPPORTUNITY FUND-SERIES IV73,98653.33%
EDELWEISS AGGRESSIVE HYBRID FUND1,47,950106.67%
EDELWEISS RECENTLY LISTED IPO FUND44,37432%
ITI SMALL CAP FUND2,21,9141510%
CLARUS CAPITAL I1,77,35211.997.99%
NUVAMA MULTI ASSET STRATEGY RETURN FUND1,47,950106.67%

Registrar, lead managers and documents

Listing on
BSE, NSE
Face value
₹ 2 a share
Registrar
KFin Technologies Limited
Lead managers
Dam Capital Advisors Ltd
Red herring prospectus (RHP)
Open
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.