Prasol Chemicals Limited IPO
ListedMainboardChemicals
3.47×
Subscribed
Price band
₹643 – ₹676
Lot size
22
1 lot = ₹14,872
Issue size
₹500 Cr
Open – close
08 Sept 2026
to 10 Sept 2026
Listing
16 Sept 2026
Listing gain
-9.76%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Caution7 of 7 dimensions read
The filing raises real questions — 2 of 9 signals read negative
Strength47/100
- Priced above its peers47.2× earnings against a peer median of 42.7×
- Out-earns its peersReturn on net worth of 18.5% against a peer median of 7.0%
- Steady revenue growthRevenue compounding at 18.6%
- Adequate return on equityROE of 14.2%
- Conservative balance sheetDebt/equity of 0.25×
- Majority offer for sale84.0% of the issue is existing shareholders selling down
- Proceeds mostly repay debt₹60 Cr of the ₹80 Cr raised repays borrowings — deleveraging rather than expansion
- 1 high-severity disclosure84% of the offer is an Offer for Sale, so most proceeds go to selling shareholders, not the company.
- Institutional book coveredQIB portion subscribed 7.59×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens08 Sept 2026
- Closes10 Sept 2026
- Allotment11 Sept 2026
- Listing16 Sept 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB7.59x
Non-institutionalNII / HNI1.89x
Big NIIabove ₹10L1.22x
Small NII₹2L – ₹10L3.23x
Retail individualRII1.79x
1,82,737 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 10 Sept 2026.
Chance of allotment
Retail1.79× subscribed
~1 in 1.8
Minimum 1 lot · 22 shares · ₹14,872 blocked
Retail is 1.79× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 1.8 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII1.89× subscribed
~1 in 1.9
Minimum 14 lots · 308 shares · ₹2,08,208 blocked
HNI is 1.89× subscribed. This category is allotted proportionately, so a bid receives roughly 1/1.9 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹165+24.4%
over the upper band · last seen 20 Sept 2026 · flat since 07 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹643 – ₹676
Face value₹2
Lot size22shares
Minimum application₹14,872at cut-off
Total issue size₹500 Cr
Fresh issue₹80 Cr
Offer for sale₹420 Cr
Listing atMainboard
Anchor investorsAllotted
Company & valuation
P/E at upper band47.17×
EPS₹3.13pre-issue
NAV per share₹77.33
Return on equity14.15%
Debt / equity0.25×
ROCE22.43%
RoNW18.53%
PAT Margin6.74%
EBITDA Margin11.30%
NAV77.33
ISININE455U01024
RegistrarKARVY
Lead managersDam Capital Advisors Limited
84.0% of this issue is an offer for sale. That money goes to existing shareholders selling their stake, not into the company. The business receives only the fresh-issue portion.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 36,98,218 | — |
| Anchor Investor | 22,18,930 | — |
| QIB (Ex. Anchor) | 14,79,288 | — |
| NII (HNI) | 11,09,466 | — |
| bNII > ₹10L | 7,39,644 | 2401.00% |
| sNII < ₹10L | 3,69,822 | 1200.00% |
| Retail | 25,88,753 | 117670.00% |
Total issue 73,96,437 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,8721 lot · 22 sh
Retail (Max)₹1,93,33613 lots · 286 sh
S-HNI (Min)₹2,08,20814 lots · 308 sh
S-HNI (Max)₹9,96,42467 lots · 1,474 sh
B-HNI (Min)₹10,11,29668 lots · 1,496 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted22,18,930
Anchor portion₹150 Cr
Bid date07 Sept 2026
Lock-in ends (50%)11 Oct 2026
Lock-in ends (rest)10 Dec 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Repayment or pre-payment, in full or in part, of certain of our outstanding borrowings availed by our Company₹60 Cr
- 02General corporate purposes₹16.39 Cr
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2024 | 876.565 | — | — | 325.835 | 102.079 |
| 2025 | 1,012.494 | — | — | 367.47 | 111.051 |
| 2026 | 1,232.593 | — | — | 448.505 | 110.064 |
Revenue CAGR 18.6%
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Prasol Chemicals Limitedthis issue | 14.33 | — | 77.33 | 18.53% |
| Aarti Industries Limited | 11.56 | 46.79 | 164.27 | 7.04% |
| Atul Limited | 230.25 | 28.04 | 2136.46 | 10.95% |
| Laxmi Organic Industries Limited | 2.87 | 59.95 | 71.66 | 4.00% |
| Vinati Organic Limited | 42.80 | 30.95 | 304.99 | 14.03% |
| Privi Speciality Chemicals Limited | 81.08 | 42.67 | 368.79 | 21.99% |
| Yasho Industries Limited | 20.95 | 206.68 | 368.18 | 5.69% |
| Excel Industries Limited | 60.19 | 17.12 | 1354.74 | 4.44% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
Mostly an exithigh
84% of the offer is an Offer for Sale, so most proceeds go to selling shareholders, not the company.
mediumOur business is dependent on our manufacturing facilities and we are subject to certain related risks. Unplanned slowdowns, unscheduled shutdowns or prolonged disruptions in our manufacturing operations or under-utilization of our manufacturing capacities could have an adverse effect on our business
mediumOur manufacturing facilities are subject to operating risks, such as the breakdown or failure of equipment, power supply or processes, performance below expected levels of output, efficiency, labour disputes, strikes, environmental issues, lock-outs, non-availability of services of our external cont
mediumAny significant malfunction or breakdown of our machinery or equipment at our manufacturing facilities may entail significant repair and maintenance costs and cause delays in our operations.
mediumIn the event that we are forced to shut down our manufacturing facility for a significant period of time, it would have a material adverse effect on our earnings, our results of operations and our financial condition as a whole.
Positives the filing discloses (1)
Low leverage
Debt-to-equity of 0.25x.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+6.1%
Listed up
6 of 8
Best
+65.4%
Orient Cables (India) Limited
Worst
-2.3%
Vishal Nirmiti Limited
Fusion CX Limitedsame segment
4.5× sub+5.5%
HD Fire Protect Limitedsame segment
131.7× sub+23.6%
Nityas Gems and Jewellery Limitedsame segment
2.3× sub+6.7%
Vishal Nirmiti Limitedsame segment
1.7× sub-2.3%
Shah Investor's Home Limitedsame segment
38.1× sub+2.4%
Srit India Limitedsame segment
125.2× sub+13.8%
Runwal Enterprises Limitedsame segment
2.5× sub+0.0%
Orient Cables (India) Limitedsame segment
92.3× sub+65.4%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Prasol Chemicals Limited
Prasol Chemicals Limited is a specialty chemicals manufacturer incorporated in 1992. The company is involved in the manufacture of acetone-based, phosphorous-based and other specialty chemicals involving complex chemistries. Its product portfolio comprises over 150 specialty chemical products, including 21 acetone-based chemicals, 53 phosphorous-based chemicals and 76 other specialty products such as surfactants, performance additives, ethers, esters, polymers and acids. These products are used across performance chemicals, paints, inks, construction and adhesives, pharmaceuticals, agrochemicals, and home and personal care industries. The company manufactures products such as diacetone alcohol, isophorone, hexylene glycol, meta xylenol, phosphorous pentasulphide, phosphorous pentoxide, dithio-phosphates, polyphosphoric acid, DETC and phosphate esters. As of July 15, 2026, the company had over 1,600 customers and exported its products to 69 countries. The company also states that it was the only manufacturer of isophorone in India during the period covered by the CARE Report.
Founded 1992MD Mr Dhaval ParikhSector Chemicals
Offer documents
The primary sources everything above is drawn from
Common questions
What is the Prasol Chemicals Limited IPO GMP today?
The most recent grey-market premium recorded for Prasol Chemicals Limited is ₹165 per share — about 24.4% over the ₹676 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Prasol Chemicals Limited IPO subscribed?
Prasol Chemicals Limited is subscribed 3.47× overall (QIB 7.59×, NII 1.89×, retail 1.79×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, KARVY.
What is the minimum investment in the Prasol Chemicals Limited IPO?
One lot is 22 shares, so a retail application at the ₹676 cut-off price blocks ₹14,872. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Prasol Chemicals Limited IPO?
The retail portion is subscribed 1.79×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 2. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Prasol Chemicals Limited IPO allotment date?
Allotment is scheduled for 2026-09-11, with listing on 2026-09-16. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, KARVY.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.