Prasol Chemicals Limited IPO — the disclosed details
Opening soon
Prasol Chemicals Limited's IPO opens 8 September 2026 and closes 10 September 2026, bidding at Rs 643-676 per share; the Red Herring Prospectus is dated 2 September 2026.
This page restates what Prasol Chemicals Limited has filed for its initial public offering — the Red Herring Prospectus dated 2 September 2026 — as filed, with no added opinion. If the vocabulary is new — DRHP, price band, buckets, allotment — read how an Indian IPO actually works first.
What the company does
Prasol Chemicals Limited (CIN U99999MH1992PLC065026) was incorporated in 1992 and, per the RHP, is a forward-integrated manufacturer of acetone-based and phosphorous-based specialty chemicals and other complex, differentiated chemistries. Citing a CARE Analytics and Advisory report the Company commissioned and paid for, the RHP describes Prasol as a highly diversified specialty chemical player with over 150 products, 1,600-plus customers and exports to 69 countries as of 15 July 2026, spanning five application segments: performance chemicals (including lubricant additives and mining chemicals), PICA (paints, inks, construction and adhesives), pharmaceuticals, agrochemicals, and home and personal care. Its product portfolio as of 30 June 2026 comprised 21 acetone-based, 53 phosphorous-based and 76 other specialty chemicals.
The RHP states that during calendar years 2022–2025 the Company was the largest importer of acetone in India for producing its range of acetone-based specialty chemicals, and the only Indian manufacturer of isophorone; it was also among the top 5 users of yellow phosphorous in India in the same period. Its Registered and Corporate Office is at Prasol House, T.T.C. Industrial Area, Khairne MIDC, Navi Mumbai, Thane, Maharashtra. The Promoters are 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 and Usha Rajnikant Shah.
What the money is for
The Fresh Issue — up to Rs 800.00 million (~Rs 80 Cr) — is proceeds to the Company. The Offer for Sale is up to Rs 4,200.00 million (~Rs 420 Cr) across 20 Promoter, Promoter Group and Other Selling Shareholders (individuals and HUFs from the founding families); that money goes to those shareholders, not to the Company. The RHP gives each seller’s ceiling in rupees rather than a fixed share count, since the exact number of shares depends on the Offer Price once fixed.
| Object of the fresh issue | Amount, as filed |
|---|---|
| Repayment / pre-payment of outstanding borrowings — per the Capital Structure section, a majority of these loans were originally used to fund capital expenditure, which is why this issue’s Minimum Promoter’s Contribution locks for 3 years rather than 18 months (see “Who can actually sell on listing day” below) | Rs 600.00 million |
| General corporate purposes | Balance of Net Proceeds, not exceeding 25% of Gross Proceeds |
| Selling shareholder category | Number of sellers | Aggregate ceiling, as filed | WACA range across sellers |
|---|---|---|---|
| Promoter Selling Shareholders | 5 | Rs 2,253.55 million | Rs 2.54 – Rs 50.13 per share |
| Promoter Group Selling Shareholders | 11 | Rs 1,710.18 million | Rs 3.13 – Rs 62.50 per share |
| Other Selling Shareholders | 4 | Rs 236.27 million | Rs 0.09 – Rs 18.97 per share |
| Total Offer for Sale | 20 | Rs 4,200.00 million | — |
Each individual seller’s name and exact WACA is certified by Shah Mulewa & Associates, Chartered Accountants, in a certificate dated 2 September 2026, and listed in full on the RHP’s cover.
What the RHP flags as risks
The RHP lists these among the Company’s own risk factors, paraphrased here without added commentary:
- Manufacturing-facility dependence and related risk. The business depends on its manufacturing facilities, which the RHP flags as a standalone risk factor.
- Environmental regulatory notices. The RHP discloses show-cause notices, including one from the Maharashtra Pollution Control Board (MPCB) dated 25 July 2025 and others from the Deputy Director, Industrial Safety & Health, Raigad District, connected to the Company’s manufacturing operations.
- Outstanding litigation involving the Company, Promoters and Directors is disclosed, with the RHP stating an adverse outcome could affect the business.
- A modified internal-financial-controls opinion for FY2026. The Statutory Auditors’ report on the FY2026 Audited Financial Statements (and on the FY2025/FY2024 Audited Consolidated Financial Statements) contains a modified opinion on internal financial controls, stating the Company “needs to strengthen controls over maintenance of quantitative item-wise details and corresponding values of Inventory at year-end… and allocation of overheads for which details have been provided manually.” The RHP states this does not affect operations or financial condition and that an upgraded ERP system is planned.
- Contingent liabilities and commitments are disclosed, which the RHP states may affect financial condition if they materialise.
- Customer-payment and customer-dependency risk. The RHP flags that demand for the Company’s products is reliant on the commercial success of its customers’ own products, and that defaults or delays in payment by a significant portion of customers could have an adverse effect.
The numbers as filed
| Item | As filed |
|---|---|
| Face value | Rs 2 per Equity Share |
| Price band | Rs 643 (floor) – Rs 676 (cap) per share (as reported; not fixed in the RHP itself) |
| Fresh issue | Up to Rs 800.00 million (~Rs 80 Cr) |
| Offer for Sale | Up to Rs 4,200.00 million (~Rs 420 Cr) |
| Aggregate issue size | Up to Rs 5,000.00 million (~Rs 500 Cr) |
| Lot size | 22 Equity Shares |
| Minimum retail investment | Rs 14,872 for 1 lot at the cap price |
The RHP itself leaves every share count (Fresh Issue, Offer for Sale, post-Offer capital) as blanks, since both are stated only in rupee ceilings pending the Offer Price. Rs 643–676 is the band as reported by Chittorgarh, not stated as a number in the RHP itself. At the Rs 676 cap, the Fresh Issue works out to approximately 11,83,432 shares and the Offer for Sale to approximately 62,13,018 shares, for a total of approximately 73,96,450 shares — close to, and consistent with, the 73,96,437-share total issue size reported by trackers (the small difference is rounding, since each of the 20 sellers’ rupee ceiling rounds to a whole share independently).
Restated financials, as filed in the RHP:
| Particulars (Rs million) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from operations | 12,325.93 | 10,124.94 | 8,765.65 |
| Profit for the year (PAT) | 831.24 | 435.69 | 181.31 |
In Rs crore (own conversion, 1 crore = 10 million): revenue ~1,232.59 / 1,012.49 / 876.57; PAT ~83.12 / 43.57 / 18.13, for FY2026 / FY2025 / FY2024 respectively.
Who can actually sell on listing day
The RHP’s lock-in schedule determines who is free to sell Prasol Chemicals shares on the day the stock lists. This issue’s Minimum Promoter’s Contribution locks for three years, not the more commonly seen 18 months — the RHP states this explicitly, because a majority of the loans being repaid from the Net Proceeds were originally used to fund capital expenditure. The Promoters’ holding above that minimum locks for one year, not the more commonly seen six months. These are this RHP’s own stated periods, not a general rule.
| Who | Locked for, per this RHP |
|---|---|
| Minimum Promoter’s Contribution (20% of post-Offer capital, excluding OFS shares) | 3 years from the date of Allotment |
| Promoters’ holding above the 20% minimum | 1 year from the date of Allotment |
| All other pre-Offer shareholders (non-promoter, non-OFS) | 6 months from the date of Allotment, with the standard VCF/AIF (Category I or II)/FVCI carve-out (6 months from their own date of purchase instead) |
| Anchor Investors | 50% of shares allotted locked 90 days from Allotment; the remaining 50% locked 30 days from Allotment |
The figures below are this page’s own computation from the RHP’s disclosed pre-Offer shareholding (58,000,000 shares total, of which the 10 named Promoters hold 23,930,000, or 41.26%) combined with the category-level OFS rupee ceilings and the as-reported Rs 676 cap price — the RHP itself gives no share counts pending the Offer Price, so treat the split below as an estimate, not a filed figure:
| Step | Shares (computed at Rs 676 cap) | % of post-issue capital |
|---|---|---|
| Fresh issue (computed) | 11,83,432 | 2.00% |
| Offer for Sale (computed, all 20 sellers) | 62,13,018 | 10.50% |
| Total offer | 73,96,450 | 12.50% |
| Locked or not offered — the rest of the register (promoter lock-ins + other pre-Offer holders) | 5,17,86,982 | 87.50% |
| Post-issue capital (computed) | 5,91,83,432 | 100.00% |
Anchor allocation was not finalised as of this page’s publication (anchor bidding takes place one working day before the Bid/Offer opens, i.e. around 4–5 September 2026 for an 8 September open) — up to 60% of the QIB Portion may be allocated to Anchor Investors on a discretionary basis, and QIBs get not more than 50% of the Offer, so anchor allocation could run from 0 up to roughly 22,00,000 shares (about 3.7% of post-issue capital), locked 30/90 days. That portion, once finalised, would come out of the 12.50% “Total offer” figure above, not add to it. The final split lands with the exchanges’ published anchor list.
A lock-in is not a forecast of anything — it is a restriction on selling; it says who may trade, not what the price will do.
This table reflects the RHP dated 2 September 2026, as of 3 September 2026, and the derived figures above are this page’s own arithmetic, not numbers stated as such in the RHP.
Dates and mechanics
| Event | Date |
|---|---|
| Bid/Offer opens | Tuesday, 8 September 2026 |
| Bid/Offer closes (UPI mandate confirmation by 5:00 p.m.) | Thursday, 10 September 2026 |
| Finalisation of Basis of Allotment with the Designated Stock Exchange | On or about Friday, 11 September 2026 |
| Allotment / credit to demat accounts; initiation of refunds and ASBA unblock | On or about Tuesday, 15 September 2026 |
| Listing on BSE and NSE | On or about Wednesday, 16 September 2026 |
| Bucket | Share of the Offer |
|---|---|
| Qualified Institutional Buyers (QIB) | Not more than 50% |
| — Net QIB Portion reserved for Mutual Funds | 5% of the QIB Portion (excluding the Anchor Investor Portion) |
| Non-Institutional Bidders (NII) | Not less than 15% |
| Retail Individual Bidders (RIB) | Not less than 35% |
Book Running Lead Manager: DAM Capital Advisors Limited. Registrar: KFin Technologies Limited.
How to read this page
Link back to the explainer: how an Indian IPO actually works covers the buckets, the allotment lottery, the T+3 timeline, and the general lock-in framework behind the listing-day-float section above.
Information as of 3 Sep 2026, taken from the RHP linked above. This is not an IPO review and no subscribe/avoid rating is given. Figures move through the issue lifecycle — check the filed documents before acting on any of them. Grey-market premium is an unofficial, unregulated price with no exchange record, and is not referenced here as information. Where the standing notice below refers to hypothetical figures, that covers the illustrative worked examples used in the options posts on this site — every number on this page is reproduced from the filed documents cited above.
This post is for educational purposes only and does not constitute investment advice or a recommendation to buy or sell any security or derivative contract. The author is not a SEBI-registered Research Analyst or Investment Adviser. Futures and options trading carries a high risk of loss and is not suitable for every investor — you can lose your entire premium, and more when selling naked. All figures and examples in this post, including the rupee premiums and price levels, are hypothetical and used only to illustrate the framework; they are not predictions, return promises, performance claims, or a recommendation to trade any specific instrument. Lot sizes and premiums change over time — always check current exchange data before trading. Please consult a SEBI-registered investment adviser before making any investment decisions.
Sources
- Red Herring Prospectus dated 2 Sep 2026 (hosted by DAM Capital Advisors, book running lead manager) -- fetched and fully processed this session (pdftotext-equivalent full-text extraction, 40,231 lines) →
- Chittorgarh -- Prasol Chemicals IPO page (as reported: price band, lot size, dates cross-check) →
Common questions
How does IPO allotment work?
Applications are matched against the minimum lot size within each investor category (retail, HNI, QIB). In the retail category every applicant is first considered for one minimum lot: when the retail portion has enough shares to give every retail applicant one lot, everyone gets at least one and the surplus goes proportionately to those who bid more. Only when there aren't enough shares for one lot each is a computerised draw of lots used to pick who gets that single lot — and then each successful applicant gets exactly one lot, however many they bid for. It is never first-come-first-served, so applying early doesn't improve the odds.
What does the anchor investor lock-in mean?
Anchor investors (institutions allotted shares a day before the issue opens) are locked in and can't sell for a fixed period — and the clock runs from the date of Allotment, not from listing. Under the SEBI ICDR Regulations, 50% of the anchor shares are locked for 90 days from Allotment and the remaining 50% for 30 days from Allotment. It restricts anchors only; it says nothing about how retail-held shares will trade.
When do I get my money back if I'm not allotted?
Under ASBA, your bank only blocks the funds in your account — it's never debited until allotment. If you get no shares (or only a partial allotment), the block is released without any separate refund step: SEBI requires your bank (the SCSB) to complete the unblock by the close of banking hours on the working day after the basis of allotment is finalised — under the T+3 timeline, the day before the shares list. If it takes longer than that, SEBI's compensation policy provides ₹100 per day or 15% per annum of the application amount, whichever is higher — but it is complaint-triggered, so you have to raise it with your bank or the issue's lead manager to claim it.
What is ASBA / the UPI mandate?
ASBA (Application Supported by Blocked Amount) blocks the bid amount in your bank account instead of debiting it upfront. Retail investors bidding through UPI approve a mandate request in their UPI app, which blocks the funds — the money leaves your account only if shares are actually allotted.
The rest of the site
This page is a record of what was filed and published, and it stops there. The rest of the site is about the part that comes after you own something — how much of it to own, how to write the decision down, and how to grade it later.
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