- Price band
- ₹643 – ₹676
- Issue size
- ₹500 Cr
- Lot size
- 22 sh
- Bidding
- 8 – 10 Sep
- Grey market
- —
Face value ₹2.00
16% fresh capital
Lists 16 Sep 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Prasol Chemicals is a Navi Mumbai specialty chemicals maker incorporated on 24 January 1992, whose business description says it builds a catalogue of more than 150 products on two feedstocks, acetone and yellow phosphorus, from two Maharashtra plants at Khopoli and Mahad. Revenue rose from Rs 876.57 Cr in FY24 to Rs 1,012.49 Cr in FY25 and Rs 1,232.59 Cr in FY26, while profit after tax went from Rs 18.13 Cr to Rs 43.57 Cr to Rs 83.12 Cr. The Rs 500 Cr mainboard issue was 84.00% secondary, Rs 420 Cr of offer for sale against Rs 80 Cr of fresh issue, and was subscribed 3.47 times overall on the closing day. It listed on 16 September 2026 at Rs 610 against a band top of Rs 676, and last traded at Rs 716 on 23 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
A trade-off in both directions
59% of the scoring model was backed by disclosed data for Prasol Chemicals, giving low confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
Majority offer for sale
Only 16.0% of the raise is fresh capital into the company; the rest goes to selling shareholders.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 1992 · Navi Mumbai, Maharashtra, India · 775 employees
Prasol Chemicals makes specialty chemicals built on two feedstocks: acetone and yellow phosphorus. As of June 30, 2026 its catalogue ran to more than 150 products — 21 acetone-based, 53 phosphorus-based, and 76 others including surfactants, performance additives, ethers, esters, polymers and acids. These feed five end markets: performance chemicals such as lubricant additives and mining reagents; paints, inks, construction and adhesives; pharmaceuticals; agrochemicals; and home and personal care. The company runs two plants in Maharashtra, at Khopoli (operating since 1995) and Mahad (since 2020), and employed 775 permanent staff at June 30, 2026. It sold to over 1,600 customers and exported to 69 countries as of July 15, 2026; exports were 27.29% of operating revenue in Fiscal 2026.
Revenue is the sale of manufactured chemicals, sold largely without long-term customer contracts. Raw materials dominate the cost base: cost of materials consumed was ₹6,884.67 million in Fiscal 2026, or 55.62% of total income, against 59.83% in Fiscal 2025 and 58.29% in Fiscal 2024. That narrowing spread is the business. Operating EBITDA margin was 11.30% in Fiscal 2026, 8.67% in Fiscal 2025 and 6.91% in Fiscal 2024, so profit swings hard on small moves in feedstock pricing. The structural constraint is input supply: acetone and yellow phosphorus are bought from third parties with no long-term supply contracts, and the company was India's largest acetone importer during calendar years 2023-2025.
The company on paper
- Legal name
- Prasol Chemicals Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 24 Jan 1992
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U99999MH1992PLC065026
- Sector
- Materials · Acetone and phosphorus-based specialty chemicals
- Employees
- 775
- Registered office
- Navi Mumbai, Maharashtra, India
- Promoters
- 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, Usha Rajnikant Shah
- Promoter holding, pre-issue
- 89.2%
- Website
- prasolchem.com
The numbers
Financial performance
Revenue has compounded at 18.6% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
16% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹80.00 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹420 Cr
- Total issue size
- ₹500 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹676.00
- Listed at
- ₹610.00
- Listing gain
- down 9.8%
- Since listing
- up 32.0%
- Against the issue price
- up 19.1%
Trading at ₹805.10 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 22
- At cut-off price
- ₹676.00
- Amount blocked
- ₹14,872
One lot is 22 shares at ₹14,872. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~56%
chance of one lot, per application
- Retail subscription
- 1.79×
- Applicants per share available
- 1.8× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹610.00
listed at, −9.8% against the issue price
- Issue price
- ₹676.00
- Premium said
- —
- If allotted 22 shares
- −₹1,452
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- EBITDA margin stood at 6.91% in FY24 (Rs 60.53 Cr of EBITDA on Rs 876.57 Cr of revenue) and was higher at each subsequent step on record: 8.67% in FY25 (Rs 87.77 Cr on Rs 1,012.49 Cr) and 11.30% in FY26 (Rs 139.32 Cr on Rs 1,232.59 Cr).
- Profit after tax grew faster than revenue across both transitions the record carries. PAT rose 140.32% from Rs 18.13 Cr in FY24 to Rs 43.57 Cr in FY25, against revenue growth of 15.51%; it then rose 90.77% to Rs 83.12 Cr in FY26, against revenue growth of 21.74%.
- Net worth stood at Rs 325.84 Cr in FY24 and was higher at each subsequent step, Rs 367.46 Cr in FY25 (up 12.77%) and Rs 448.51 Cr in FY26 (up 22.06%). FY26 profit after tax of Rs 83.12 Cr equals 18.53% of that Rs 448.51 Cr net worth.
- The business description states the company sold to more than 1,600 customers and exported to 69 countries as of 15 July 2026, from a catalogue of more than 150 products as of 30 June 2026 — 21 acetone-based, 53 phosphorus-based and 76 others — and employed 775 permanent staff.
What to weigh against it
- The business description states that the chemicals are sold largely without long-term customer contracts, and that acetone and yellow phosphorus are bought from third parties with no long-term supply contracts. It describes input supply as the structural constraint and says the company was India's largest acetone importer during calendar years 2023-2025.
- Total borrowings stood at Rs 82.07 Cr in FY24 and were higher at each subsequent step: Rs 101.05 Cr in FY25 (up 23.13%) and Rs 110.06 Cr in FY26 (up 8.92%). Measured against net worth, however, the ratio does not move in one direction across the three years — 25.19% in FY24 (Rs 82.07 Cr on Rs 325.84 Cr), 27.50% in FY25 (Rs 101.05 Cr on Rs 367.46 Cr) and 24.54% in FY26 (Rs 110.06 Cr on Rs 448.51 Cr).
- Rs 420 Cr of the Rs 500 Cr issue was an offer for sale and Rs 80 Cr was fresh issue, so 84.00% of the money raised was secondary. Pre-issue promoter holding was 89.2%; the record does not carry the post-issue figure, and it lists no offer objects.
- The issue was subscribed 3.47 times overall on 10 September 2026, with QIB at 7.59 times, NII at 1.89 times and retail at 1.79 times. It listed at Rs 610 against a band top of Rs 676, 9.76% below that band top.
Easy to miss in the prospectus
- The record holds a single subscription snapshot, day three (10 September 2026), with no earlier-day book, no anchor allocation and no category-wise allocation, so the progression of demand over the 8-10 September window cannot be read from it.
- The financials array carries revenue, EBITDA, PAT, net worth and total borrowings for FY24, FY25 and FY26 only. Expenses, total assets and operating cash flow are null in all three years, and the record carries no valuation block and no peer set.
- As of 23 October 2026 the price was Rs 716, which is 17.38% above the Rs 610 listing price and 5.92% above the Rs 676 band top.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- DAM Capital Advisors Limited
- RegistrarAllotment status is checked on the registrar's own site
- KFin Technologies Limited
How these figures were checked
Reconciled to Prasol Chemicals's own prospectus and to exchange disclosures, then cross-checked against 9 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- Prasol Chemicals Limited — Red Herring Prospectus dated September 2, 2026 (590pp, company website) · read 15 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
Other issues worth reading next
Steamhouse India
Centralised process steam and pipeline nitrogen supplied to industrial estates
Listed 17 Sep 2026 · Mainboard
- Price band
- ₹77 – ₹81
- Listing gain
- up 16.7%
- Score
- 65/100
Manika Plastech
Rigid plastic packaging — injection-moulded battery casings, pails and thin-wall containers
Listed 21 Sep 2026 · Mainboard
- Price band
- ₹40 – ₹43
- Listing gain
- unchanged 0.0%
- Score
- 61/100
Jindal Supreme
Steel pipes, tubes, crash barriers and GI tubular poles for infrastructure and industrial use
Listed 23 Sep 2026 · Mainboard
- Price band
- ₹88 – ₹93
- Listing gain
- up 29.0%
- Score
- 57/100