AgroPages-BSM Chemical publishes IPO prospectus to raise funds for pendimethalin formulation capacity extension-Agricultural news

Some days ago, an IPO prospectus (draft for submission) of a Chinese agrochemical company Shaoxing BSM Chemical was disclosed, revealing the intention of BSM to go public on the Shenzhen Stock Exchange to raise funds worth 476 million yuan.

The prospectus showed that the funds to be raised would be spent on upgrading of the hydrogenation, pendimethalin and methoxyfenozide product series. The company is prepared to expand the productions of existing pendimethalin technical and formulations so as to solve the problem of insufficient capacity of production, as well as to speed up the industrialization process of its proprietary novel pesticide methoxyfenozide technical and formulations.

BSM is China’s sole pesticide producer in possession of the whole pendimethalin production chain, covering research and production of pendimethalin technical, intermediate and formulations. The company has built up its product line based on pendimethalin and complemented by methoxyfenozide, flubendiamide and topramezone.

From 2015 to 2017, the company achieved a business income of 277 million yuan, 338 million yuan, 434 million yuan, respectively, and a net profit of 27 million yuan, 41 million yuan and 77 million yuan, respectively, of which the net profit of 2017 increased 89.93% over 2016, and the net profit of 2016 increased 48.80% over the previous year.