SH Kelkar, 90-year-old fragrance co, to list on SEs

At a time when the focus of India Inc is majorly on technology-driven startups, a 90-year-old company, which was set up in a garage in a Mumbai suburb, is going for listing with a Rs 500-crore maiden initial public offering. 

S H Kelkar, which makes flavouring agents and fragrances for food & beverages, FMCG, cosmetics and other companies that need to enhance aroma in their products, has got Sebi nod for its IPO, which is expected to be launched before Diwali Stock Market Trading Tips

Of the total offering, the company is raising Rs 210 crore while PE major Blackstone, that in 2012 had bought a 33% stake in the company for Rs 243 crore, is offloading about 10% of its stake for the balance Rs 290 crore. 

According to S H Kelkar's IPO document, the company has a market share of 20.5% in the Indian fragrance industry, about 2% of the flavour industry and 12% of the combined two industries. Among the Indian manufacturers of fragrance and flavours, it is the largest and now competes with global majors like Givaudan SA, Firmenich, International Flavors and Fragrances Inc and Symrise SA in India. It also exports its products to 49 countries Himanshu Tiwari Astrologer Blog

The company was set up in a garage in Dadar area of central Mumbai in early 1920s, and in the 1950s it moved to Mulund, a Mumbai suburb. Currently it has manufacturing facilities in Mumbai, Raigad, Vapi and Barneveld in The Netherlands, and supplies to Indian majors like HUL, Godrej Consumer Products, Marico, Wipro Consumer Care, VINI Cosmetics and J K Helen Curtis. 

The IPO is being managed by JM Financial and Kotak Mahindra Capital Company Indian stock market astrology prediction