India, June 24 -- Chemical products supplier Ujin Pharma has filed preliminary papers with capital markets regulator SEBI to raise funds through an Initial Public Offering (IPO) in a move to expand its supply chain and chemical processing footprint.

The proposed IPO is a combination of a fresh issue of 1.18 crore shares along with an Offer For Sale (OFS) of 72.82 lakh shares by promoters - Jinesh Rasiklal Sheth and Umang Ketan Mehta, according to the Draft Red Herring Prospectus (DRHP) filed on Monday.

Of the proceeds from the fresh issue, the Mumbai-based Ujin Pharma plans to use Rs 61.7 crore and Rs 21.6 crore to invest in its associate firms - Altra Agro-Chem and Altra Pharma-Chem - respectively, by subscribing to equity shares and t...