Chemcel Biotech IPO - Analysis, Recommendation and Review

Chemcel Biotech Limited, manufacturer of Agro Chemicals products, is coming out with an IPO of 1,54,00,000 equity shares of face value Rs. 10 at an issue price of Rs. 16. The IPO will be launched on September 9th, 2008 and will close on September 12th, 2008.

Objective of the issue:

• To set up Bio-Diesel manufacturing unit
• To meet the additional Working Capital requirement on account of increased operations for the Agrochemical & Bio Fertilizer division
• To repay short term loan of Rs 120.00 Lakhs availed from Union Bank of India for meeting the project expenses
• To partially repay the working capital loan facility availed from Union Bank of India;
  To meet the public issue expenses

The equity shares of the company are proposed to be listed on the BSE.

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