Dorf-Kettle Chemicals India Limited, which has become a big name in the world of specialty chemicals, is now ready to hit the market with its ₹ 5,000 crore IPO. The company has submitted the necessary documents for this with the Securities and Exchange Board of India (SEBI). Through this IPO, the company will issue new shares worth ₹1,500 crore and promoter Menon Family Holdings Trust will sell its stake worth ₹3,500 crore.
The company will use this amount to repay the loan and general expenses. About ₹82.90 crore will be used to repay the debt of Dorf-Ketel, while ₹33.30 crore will be used to repay the borrowings of its subsidiary Dorf Ketel Chemicals FZE.
Founded in 1992, Dorf-Ketel is a research-driven company that manufactures specialty chemicals for sectors such as oil and gas, refining and petrochemicals. The company’s customers are not limited to India only, but its services have also reached international level. As of October 2024, Dorf-Ketel had 1,322 customers, including giants like Reliance Industries, Petronas, Indian Oil, PPG Industries, Clariant and Vedanta.
The global network of the company is also very strong. Its 16 manufacturing plants are spread across four countries. Eight plants are operational in India, two in Brazil, three in America and three in Canada. Additionally, Dorf-Ketel holds a total of 542 patents, making it a leader in innovation.
Dorf-Ketel has made several significant acquisitions in recent years, expanding both its reach and business. In June 2024, it bought Texas-based Impact Fluid Solutions, while in 2023 it added Fluid Energy Group and Clariant’s North American land oil business. In 2022, it acquired Khyati Chemicals Pvt. Ltd.
The financial performance of the company has also been excellent. Its profit grew by 50% between FY 2022 and 2024 and reached ₹60.20 crore. In the same period, the company’s revenue grew by 45% to ₹548 crore.
Many big names like JM Financial, Citigroup, HSBC Securities, JP Morgan, Morgan Stanley and Motilal Oswal Investment Advisors have been appointed as book-running lead managers for this IPO.
Only time will tell how much of a hit Dorf-Ketel’s IPO will be in the market, but it has already created a lot of buzz among investors.