Mumbai-based Survival Technologies Limited, a contract research and manufacturing services ("CRAMS") with a focus on speciality chemical manufacturing in India has filed its Draft Red Herring Prospectus (DRHP) with the markets regulator, Securities and Exchange Board of India (SEBI), to raise Rs 1,000 crore through an initial public offering (IPO).

The public issue with a face value of Rs 2 per equity share consists of a fresh issue of equity shares worth up to Rs 200 crore and an offer-for-sale (OFS) of up to Rs 800 crore by Promoter and selling shareholders, which comprises up to Rs 544.41 crore by Vijaykumar Raghunandanprasad Agrawal, Rs 212.41 crore by Nimai Vijay Agrawal, and Rs 43.18 crore by Prabha Vijay Agarwal.

The Offer is being made through the Book Building Process, wherein not more than 50% of the Offer shall be available for allocation to Qualified Institutional Buyers, not less than 15% of the Offer shall be available for allocation to Non-Institutional Bidders and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders.

The company, in consultation with the lead bankers to the issue, may consider a Pre-IPO placement of specified securities for cash consideration. If such placement is completed, the issue size will be reduced accordingly.

The proceeds from the fresh issuance worth Rs 175 crores will be used towards funding its working capital requirements and general corporate purposes.

Survival Technologies is engaged in the supply of specialty chemicals with multiple applications and many products that it sells domestically are import substitutes that were formerly imported from China.

According to a CRISIL report mentioned in the DRHP, it is one of the most profitable companies manufacturing speciality chemicals in India in Fiscal 2022 based on the analysis of the margins of Indian companies operating in the speciality chemicals industry. Its leadership team is led by Chairman and Wholetime Director Vijaykumar Raghunandanprasad Agrawal who has 4 decades of experience in the specialty chemicals sector and Nimai Agrawal who is the MD and CEO.

It is one of the few speciality chemical manufacturers in India manufacturing select products from the heterocyclic and fluoro organic product groups for sale in India and globally.

Survival Technologies, key customers include multinational corporations such as Evonik, Chori, BioSpectra, LBB Specialities, Procos, MOEHS Iberica, S.L., Sumitomo Corporation, Synthetics USA, Alzchem Trostberg and domestic companies such as Lee Pharma Limited, MSN Laboratories Private Limited, Sai Life Sciences Limited, and Dr. Reddy's Laboratories. As of June 30, 2022, it had served 201 customers.

It has three manufacturing facilities, two of which are located in Ankleshwar, Gujarat and one located in Sarigam, Gujarat is ISO and GMP certified and its facilities are equipped with advanced infrastructure including reactors and automated systems that ensure efficiency in its manufacturing process. With an intent to scale its annual capacity to manufacture products it is planning a new manufacturing facility in Mahad, Maharashtra.

JM Financial Limited, and ICICI Securities Limited are the book-running lead managers and Link Intime India Private Limited is the registrar to the issue.