New Delhi, Apr 14 (PTI) Specialty chemical company Prasol Chemicals has filed preliminary papers with capital markets regulator Sebi to raise as much as Rs 800 crore through an initial share-sale. The IPO comprises fresh issue of equity shares aggregating up to Rs 250 crore and an offer-for-sale (OFS) of up to 90 lakh equity shares by existing shareholders, according to the draft red herring prospectus (DRHP). The company may consider a further issue of equity shares aggregating up to Rs 50 crore. If such placement is completed, the fresh issue size will be reduced. As per market sources, the company is likely to raise around Rs 700-800 crore. The proceeds from the fresh issue to the tune of Rs 160 crore will be used for payment of debt and Rs 30 crore for working capital requirements. Besides, funds will be used for general corporate purposes. Since its inception, Prasol Chemicals, a forward integrated manufacturer of acetone and phosphorus derivatives, has expanded its business and scope of operations, evolving from a small-scale manufacturer to a big diversified specialty chemical company with a global presence. Several acetone and phosphorus derivatives included in its portfolio are used in pharmaceuticals, synthesis of agrochemical active ingredients and formulations, besides its application as a critical raw material in home and personal care products such as sunscreens, shampoos, flavours, fragrances and disinfectants. The company clocked a profit of Rs 50.10 crore in the nine-month period ended December 2021, Rs 25.08 crore in FY21 and Rs 37.77 crore in FY20. Its revenue from operations stood at Rs 626.93 crore for the nine- month period ended December 2021, Rs 595.54 crore in fiscal 2021 and Rs 531.24 crore in fiscal 2020. JM Financial and DAM Capital Advisors are the book-running lead managers to the issue. PTI SP ANU ANU