Prasol Chemicals IPO
Prasol Chemicals IPO is a book-built Mainboard issue of ₹500 crore, comprising a Fresh Issue of ₹80 crore and an Offer for Sale of up to ₹420 crore. The price band is ₹643 to ₹676 per share, with a lot size of 22 shares.
Prasol Chemicals IPO Details
Prasol Chemicals IPO is scheduled to open for subscription on September 8, 2026 and close on September 10, 2026. The basis of allotment is scheduled for September 11, refunds and Demat credit are expected on September 15, and listing is scheduled for September 16, 2026. The issue comprises 73,96,437 equity shares, including 11,83,431 shares through the Fresh Issue and 62,13,006 shares through the Offer for Sale.
Prasol Chemicals IPO GMP
The reported grey-market premium for Prasol Chemicals IPO was approximately ₹14 on September 3, 2026 against the upper issue price of ₹676. This implies an unofficial estimated price of approximately ₹690. GMP is unofficial, unregulated and can change rapidly. It should not be considered a guaranteed indication of the actual listing price.
Prasol Chemicals IPO Timeline (Tentative)
Prasol Chemicals IPO is scheduled to open on September 8, 2026 and close on September 10, 2026. The basis of allotment is scheduled for September 11, followed by refund initiation and Demat credit on September 15. The shares are scheduled to be listed on the NSE and BSE on September 16, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Tue, Sep 8, 2026 |
| IPO Close Date | Thu, Sep 10, 2026 |
| Basis of Allotment | Fri, Sep 11, 2026 |
| Initiation of Refunds | Tue, Sep 15, 2026 |
| Credit of Shares to Demat | Tue, Sep 15, 2026 |
| Listing Date | Wed, Sep 16, 2026 |
| IPO Opens | |
| IPO Closes | |
| Basis of Allotment | |
| Refund Initiation | |
| Credit of Shares to Demat | |
| Listing Date |
Prasol Chemicals IPO Lot Size
The market lot for Prasol Chemicals IPO is 22 shares. Individual Investors can apply for a minimum of 1 lot, or 22 shares, at the upper price band of ₹676, requiring ₹14,872. Small HNI applicants can apply for a minimum of 14 lots, or 308 shares, while Big HNI applicants can apply for a minimum of 68 lots, or 1,496 shares.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 22 | 14,872 |
| Retail (Max) | 13 | 286 | 1,93,336 |
| S-HNI (Min) | 14 | 308 | 2,08,208 |
| S-HNI (Max) | 67 | 1,474 | 9,96,424 |
| B-HNI (Min) | 68 | 1,496 | 10,11,296 |
Prasol Chemicals IPO Reservation
Prasol Chemicals IPO provides for 50% of the net issue to Qualified Institutional Buyers, 15% to Non-Institutional Investors and 35% to Retail Individual Investors. An Anchor Investor portion is included within the QIB category.
Prasol Chemicals IPO Subscription
Prasol Chemicals IPO has not opened for public subscription as of September 3, 2026. Therefore, category-wise and overall subscription figures are not yet available.
| Category | Subscription (times) |
|---|---|
| QIB | N.A. |
| NII | N.A. |
| RII | N.A. |
| Total | N.A. |
About Prasol Chemicals
Prasol Chemicals Limited is a specialty chemicals manufacturer established in 1992. The company manufactures acetone-based, phosphorus-based and other specialty chemicals that are supplied to customers across multiple industries.
Its product portfolio comprises more than 150 specialty chemicals, including 21 acetone-based chemicals, 53 phosphorus-based chemicals and 76 other specialty products such as surfactants, esters and acids.
The company's products are used across five major end-use segments, including performance chemicals, paints, inks, construction and adhesives, pharmaceuticals, agrochemicals, and home and personal care.
Prasol Chemicals operates two manufacturing facilities in Maharashtra, located at Khopoli and Mahad. The combined installed capacity increased to approximately 98,644 tonnes per annum in FY2026. The company also operates a dedicated research and development centre.
As of July 15, 2026, the company served more than 1,600 customers across 69 countries. It has a Government of India 3 Star Export House certification and has developed a global customer and distribution network across multiple geographical markets.
The company has developed specialised capabilities in acetone- and phosphorus-based chemistries. During 2022 to 2025, it was the largest importer of acetone in India and the only manufacturer of isophorone in the country, according to its disclosed industry positioning.
Prasol Chemicals follows a B2B2C business model and supplies products to customers operating across pharmaceuticals, agrochemicals, paints, inks, construction, adhesives, performance chemicals and personal-care applications.
Strengths
- More than three decades of operating experience since incorporation in 1992.
- Portfolio of more than 150 specialty chemical products.
- Products serve multiple end-use industries, reducing dependence on a single application sector.
- Established manufacturing facilities at Khopoli and Mahad in Maharashtra.
- Combined installed manufacturing capacity of approximately 98,644 tonnes per annum in FY2026.
- Presence across 69 countries and more than 1,600 customers.
- Government of India 3 Star Export House certification.
- Established position in acetone-based and phosphorus-based specialty chemicals.
- Only domestic manufacturer of isophorone, according to company disclosures.
- Strong research and development capabilities with a dedicated R&D team.
- Diversified customer base with no single customer contributing more than 5% of total income in FY2026.
- Strong growth in revenue and profitability between FY2024 and FY2026.
- EBITDA more than doubled between FY2024 and FY2026.
- Declining leverage compared with earlier financial periods.
Risks to Consider
- The company depends on the continued demand for specialty chemicals across its end-use industries.
- Fluctuations in raw-material prices, particularly acetone and phosphorus-related inputs, can affect margins.
- A substantial portion of raw materials is sourced through imports, exposing the company to foreign-exchange and supply-chain risks.
- Both manufacturing facilities are located in Maharashtra, creating geographical concentration.
- Chemical manufacturing operations involve hazardous, corrosive and flammable materials.
- Accidents, environmental incidents or regulatory action could disrupt manufacturing operations.
- The Mahad manufacturing facility has previously faced a regulatory shutdown, highlighting operational and compliance risks.
- Changes in environmental, safety and chemical regulations could increase compliance costs.
- Export operations expose the company to foreign-exchange fluctuations, trade restrictions and regulatory requirements in international markets.
- The company faces competition from domestic and international specialty chemical manufacturers.
- Demand is influenced by the performance of downstream industries such as pharmaceuticals, agrochemicals, paints and construction.
- Changes in global chemical prices and industry cycles may affect profitability.
- Working-capital requirements may increase with business expansion.
- The company has outstanding borrowings, although leverage has remained relatively moderate.
- The IPO includes a substantial Offer for Sale, meaning a significant portion of the issue proceeds will accrue to selling shareholders rather than the company.
Prasol Chemicals Financials (₹ Cr)
Prasol Chemicals recorded strong growth in revenue and profitability between FY2024 and FY2026. Revenue from operations increased from ₹876.57 crore in FY2024 to ₹1,232.59 crore in FY2026, while PAT increased from ₹18.13 crore to ₹83.12 crore. Total assets increased from ₹626.36 crore to ₹839.28 crore and net worth increased from ₹325.84 crore to ₹448.51 crore during the same period.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | 876.57 | 18.13 | 626.36 | 325.84 |
| FY2025 | 1,012.49 | 43.57 | 723.09 | 367.46 |
| FY2026 | 1,232.59 | 83.12 | 839.28 | 448.51 |
KPIs & Valuation
At the upper issue price of ₹676, Prasol Chemicals reported FY2026 pre-IPO EPS of ₹14.33 and post-IPO EPS of approximately ₹14.04. The corresponding P/E ratios are approximately 47.17x and 48.15x. FY2026 RoNW was 18.53%, ROE was 20.37%, ROCE was 22.43%, EBITDA margin was 11.30% and PAT margin was 6.74%.
Objects of the Issue
The company proposes to utilise the Net Proceeds from the Fresh Issue primarily for repayment or pre-payment of certain borrowings and for general corporate purposes.
- The company proposed to utilise the IPO proceeds for:
- Repayment and/or pre-payment, in full or part, of certain outstanding borrowings – approximately ₹60.00 crore.
- General corporate purposes – balance amount as determined in accordance with the offer documents.
- Meeting issue-related expenses from the issue proceeds.
Promoters, Lead Managers & Registrar
Prasol Chemicals Limited is promoted by 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. DAM Capital Advisors Limited is the Book Running Lead Manager, while KFin Technologies Limited is the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | KFin Technologies Limited |
|---|---|
| Phone | +91 40 6716 2222 / 1800 309 4001 |
| prasol.ipo@kfintech.com | |
| Website | https://www.kfintech.com/ |
Prasol Chemicals IPO Review
Prasol Chemicals reported total income of ₹887.56 crore in FY2024, ₹1,015.54 crore in FY2025 and ₹1,237.85 crore in FY2026. Profit after tax increased from ₹18.13 crore in FY2024 to ₹43.57 crore in FY2025 and ₹83.12 crore in FY2026.
EBITDA increased from ₹60.53 crore in FY2024 to ₹87.77 crore in FY2025 and ₹139.32 crore in FY2026. EBITDA margin improved from approximately 6.91% in FY2024 to 8.67% in FY2025 and 11.30% in FY2026.
Net worth increased from ₹325.84 crore in FY2024 to ₹367.46 crore in FY2025 and ₹448.51 crore in FY2026. Total borrowings stood at ₹82.07 crore in FY2024, ₹101.05 crore in FY2025 and ₹110.06 crore in FY2026.
The company operates across a broad specialty chemicals portfolio, with more than 150 products serving pharmaceuticals, agrochemicals, paints, inks, construction, adhesives, performance chemicals and home and personal care applications.
Its international presence is another important feature of the business. Prasol Chemicals served more than 1,600 customers across 69 countries as of July 15, 2026, providing geographical diversification beyond the domestic market.
The company operates two manufacturing facilities at Khopoli and Mahad in Maharashtra with combined installed capacity of approximately 98,644 tonnes per annum in FY2026. Its R&D capabilities support development of new specialty chemical products and customised formulations.
The company has also established specialised positions in acetone and phosphorus chemistry. Its product portfolio and customer base provide exposure to multiple downstream industries rather than relying on a single end market.
At the upper price band of ₹676, Prasol Chemicals is valued at approximately 47.17x FY2026 pre-issue EPS of ₹14.33. On the post-issue EPS of approximately ₹14.04, the valuation works out to approximately 48.15x.
For FY2026, the company reported RoNW of 18.53%, ROE of 20.37%, ROCE of 22.43%, EBITDA margin of 11.30% and PAT margin of 6.74%. Debt-to-equity was approximately 0.19x and NAV was approximately ₹77.33 per share.
The financial performance has improved significantly over FY2024 to FY2026, particularly in terms of revenue, EBITDA and PAT. However, the IPO has a substantial OFS component of ₹420 crore compared with the ₹80 crore Fresh Issue. Investors should also consider raw-material volatility, chemical manufacturing risks, import exposure, regulatory requirements and the valuation before evaluating the issue.
How to Apply
Prasol Chemicals IPO applications can be made through the applicable ASBA and UPI-supported IPO application process. Individual Investors can apply for a minimum of 1 lot, or 22 shares, at the upper price band of ₹676, requiring ₹14,872.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select Prasol Chemicals IPO.
- Enter the required number of lots.
- Enter the bid price or select the Cut-off option where permitted.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI application after receiving the mandate request.
- Approve the mandate using your UPI PIN.
- The application amount will remain blocked in your bank account until the allotment process is completed.
Prospectus & Documents
Investors can refer to Prasol Chemicals Limited's official corporate information and IPO documents for details relating to the public issue, business operations, financial statements, risk factors, objects of the issue and other statutory disclosures.
Last updated Sep 3, 2026.