BENGALURU (Reuters) – Dorf-Ketal Chemicals India filed for a 50 billion rupees ($580 million) initial public offering on Friday, according to draft papers by the speciality chemicals maker.
The IPO consists of fresh issue of shares worth up to 15 billion rupees, while existing shareholder Menon Family Holdings Trust is selling shares worth up to 35 billion rupees.
Dorf-Ketal Chemicals, which has 16 manufacturing facilities across four countries including the U.S. and Brazil, is the latest among a slew of companies looking to make their stock market debut in India.
About 14 companies have gone public so far in 2025, according to stock exchange operator BSE, following a flurry of IPOs in 2024 when Indian firms raised a record 1.6 trillion rupees.
Dorf-Ketal was founded in 1992 and its customers include Reliance Industries, Petronas, Indian Oil Corporation and Vedanta.
The company’s net profit for fiscal 2024 rose 31% to 5.71 billion rupees, while its revenue jumped 42% to 54.80 billion rupees.
Dorf-Ketal competes with companies such as Baker Hughes, Clariant and Innospec in the global speciality chemicals market.
($1 = 86.2170 Indian rupees)
(Reporting by Nishit Navin)
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