Asahi Songwon to enter capital market

Mumbai, May 3: Asahi Songwon Colors Limited (ASCL) today here announced that the company will enter the capital markets with an initial public issue of Rs 33.5 crore on May 9.

The price band has been fixed at Rs 90 to Rs 108 for equity share of Rs 10 each.

ASCL is into the business of manufacturing pigments and exports substantial production to leading MNCs around the world.

ASCL mainly manufactures blue crude and green pigment, with an installed capacity of 3600 MTPA and 1200 MTPA respectively.

The company is also planning to expand its operations, which will be funded partly by funds raised from the IPO.

Recently, Japan's Dainippon Ink and Chemicals Inc invested about Rs 10.5 crore for 8,65,200 equity shares of Asahi Songwon at Rs 122.

UNI