Safex Chemicals (India) has filed preliminary papers with the capital markets regulator Securities and Exchange Board of India (SEBI) to seek approval to raise funds through an initial public offering (IPO). The IPO is a mix of fresh issue of shares worth Rs 450 crore and an offer-for-sale of 35,734,818 shares by promoters, investors and other selling shareholders.

Proceeds from the fresh issue will be used for debt payment and general corporate purposes. Axis Capital, JM Financial and SBI Capital Markets are the book-running lead managers to the issue. Equity shares are proposed to be listed on the NSE and BSE. 

Incorporated in 1991, Safex Chemicals (India) operates in three business verticals--branded formulations, speciality chemicals and contract development and manufacturing (CDMO). It serves farmers to help increase crop productivity by providing a wide range of crop protection products.