Mumbai: Mumbai-based Ujin Pharma Limited has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) to raise funds through Initial Public Offering (IPO).

The IPO, with a face value of Rs 10, is a fresh issue up to 11,869,100 equity shares and an offer-for-sale up to 7,282,300 shares by promoters – Jinesh Rasiklal Sheth, and Umang Ketan Mehta.

The proceeds from its fresh issuance worth Rs 61.7 crore will be utilised for investment in Altra Agro-Chem Private Limited – the company’s associate company, by way of subscription to equity shares for making it their subsidiary, Rs 21.6 crore in investment in Altra Pharma-Chem Private Limited, their associate company, by way of subscription to equity shares for making it their subsidiary, Rs 25 crore for repayment or pre-payment, in part or full, of certain borrowings availed by the company from financial institutions, and general corporate purposes.

The Offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer is assigned to non-institutional bidders and retail bidders respectively. 

Incorporated in 2005, the company is engaged in the distribution and supply of a diversified portfolio of solvents, specialty chemicals, acids, monomers, pharmaceutical raw materials and nutraceuticals. With over two decades of operational experience in the chemical industry, the company has developed sourcing relationships with domestic and international suppliers, enabling it to procure a broad range of chemical products and supply them to traders, distributors and customers operating across multiple end-use industries. Their products are supplied to customers operating in pharmaceutical, agrochemical, specialty chemical, petrochemical, industrial and automotive sectors, as well as paints and coatings, printing inks and packaging applications.

As per the D&B Report, during the last three fiscals and the period ended December 31, 2025, the company supplied an aggregate of approximately 8,52,765.25 tonnes of chemical products to 3,034 customers.

Its operations are supported by a distribution infrastructure comprising various warehouses and storage facilities located across Bhiwandi, Maharashtra and Kandla, Gujarat and a sourcing network of 1,277 suppliers.

In addition to the company’s distribution operations, the company has expanded its participation beyond chemical distribution into value-added chemical processing activities through its subsidiary, Shiv Shakti Oxalate Private Limited (SSOPL). SSOPL presently undertakes solvent recycling and recovery operations and production of printing chemicals. SSOPL operates a manufacturing facility located at MIDC Kurkumbh, Pune, Maharashtra (SSOPL manufacturing facility), equipped with distillation systems, extraction and blending units, storage infrastructure, laboratory testing facilities and utility systems that support recycling, recovery and chemical processing operations of solvents such as acetone, acetonitrile, isopropyl alcohol, n-heptane, tetrahydrofuran and toluene, among others.

The company’s product portfolio comprises a diversified range of industrial solvents such as toluene, methanol, isopropyl alcohol (IPA), MIBK, MEK, acetone and mixed xylene, acids and monomers such as acetic acid, acrylic acid, ethylene dichloride, and butyl acrylate monomer,  specialty chemicals such as dimethyl formamide, N-propyl acetate, and N-propanol,  pharmaceutical raw materials such as paracetamol IP, methyl chloroformate and isopropyl acetate, and nutraceuticals such as lactose edible grade, WPC 80% extra grade.

Its revenue from operations was Rs 1,511.33 crore for the nine-months ended 31 December, 2025, and its net profit was Rs 25.46 crore.

SMC Capitals Limited, and Marwadi Chandarana Intermediaries Brokers Private Limited are the book running lead managers, and KFin Technologies Limited is the registrar to the issue.

The shares are proposed to be listed on the BSE and NSE.