NEW DELHI, July 5 -- Speciality chemicals company Safex Chemicals (India) has filed preliminary papers with the capital markets regulator Sebi to seek approval to raise funds through an initial public offering (IPO).

The IPO is a mix of fresh issue of shares worth Rs 450 crore and an offer-for-sale of 35,734,818 shares by promoters, investors and other selling shareholders, according to the draft red herring prospectus (DRHP) filed on Thursday.

Proceeds from the fresh issue will be used for debt payment and general corporate purposes.

Proceeds from the fresh issue will be used for debt payment and general corporate purposes. Chrys Capital had invested in the company in March 2021 and September 2022, and owns 44.80 per cent of the equit...