Allchem Lifescience Limited, a domestic manufacturer specializing in API intermediates and specialty chemicals, has secured approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO). The offering includes a fresh issue of equity shares worth up to INR 190 crore, alongside an offer-for-sale (OFS) involving up to 7,155,000 equity shares.

Promoters Kantilal Ramanlal Patel and Manisha Bipin Patel are looking to each sell up to 3,577,500 shares in the OFS, marking their partial exit from the company. Emkay Global Financial Services Limited will serve as the sole Book Running Lead Manager for the public issue.

Founded in 2013, Allchem Lifescience plays a critical role in India’s pharmaceutical supply chain by producing high-value intermediates and specialty chemicals used in the manufacture of APIs. With SEBI’s approval now in place, the company moves one step closer to launching its IPO, which will bolster its public funding and enable a wider investor base as it scales operations.