Phychem Technologies to Set Up New Chemical Manufacturing Facility at Bavla, Ahmedabad, Gujarat
Phychem Technologies is setting up a new manufacturing facility at Bavla, Ahmedabad, Gujarat, to produce sodium meta bisulphite, sodium bisulphite powder and ammonium bisulphite. The project is being part-funded through net proceeds from the company's recent initial public offering, with the balance earmarked for general corporate purposes.
The IPO comprised a fresh issue of 19,38,000 equity shares, with the price band fixed between ₹51 and ₹54 per share.
Phychem Technologies manufactures rotational molding compounds used as raw materials for hollow plastic products, with a portfolio centred on customized polyethylene-based compounds made from Linear Low-Density Polyethylene (LLDPE), High-Density Polyethylene (HDPE) and specialty additives. The company serves the construction, water management, agriculture, automotive and consumer products industries, and exports to markets across Asia, Africa, Europe and the Middle East. The new Bavla facility is expected to add domestic manufacturing capacity for its bisulphite product line.