Mitsu Chem Plast files Rs 125 crores IPO papers with Sebi

Packaging solutions provider Mitsu Chem Plast has filed preliminary papers with capital markets regulator Sebi to raise Rs 125 crore through an Initial Public Offering (IPO).

The IPO is entirely a fresh issue of "equity shares aggregating up to Rs 12,500 lakh," according to the Draft Red Herring Prospectus (DRHP).

Proceeds from the issue will be used to repay debt, funding the working capital requirements of the company and general corporate purposes.

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Mitsu Chem Plast is a packaging solutions provider engaged in the business of manufacturing polymer based molded products mainly used for industrial packaging for industries like chemicals, agrochemicals, pharmaceuticals, lubricants, food and edible oil.

The company's shares will be listed on domestic stock exchanges BSE and NSE.

IDBI Capital Markets & Securities Ltd is the sole book running lead manager to the issue.