Procter & Gamble Supplier Grascent to Seek IPO Again

Grascent submitted its prospectus, planning to list on the ChiNext board of the Shenzhen Stock Exchange. The company’s clients include well-known international fragrance and flavor companies and daily chemical giants such as Procter & Gamble, Givaudan, and Firmenich.

Hangzhou Grascent Co., Ltd. (hereinafter referred to as Grascent) submitted its prospectus, planning to list on the Shenzhen Stock Exchange’s ChiNext board, with Changjiang Financing as the sponsor institution.

In 2022, Grascent’s total revenue reached 631 million yuan ($88.69 million), an increase of 6.23% year-on-year.

Grascent was established in 1999 and is mainly engaged in the research, development, production, and sales of bio-based and fully synthetic fragrances. It has formed three product series, including pine oil, cypress oil, and fully synthetic fragrances. The specific products include nearly 40 subdivided varieties such as sandalwood, methyl cypress ketone, and Turkone series, which are mainly used as raw materials for daily chemical fragrance formulations.

Starting from 2010, Grascent has obtained three rounds of financing, including angel round, Series A, and Series B, with investors including Taiheng Investment and Jiaxing Minglang Investment.

According to the latest prospectus, the revenues of Grascent in 2020-2022 were 540 million yuan ($75.90 million), 594 million yuan ($83.49 million), and 631 million yuan ($88.69 million), respectively, with net profits of 64.43 million yuan ($9.06 million), 40.74 million yuan ($5.73 million), and CNY 68.14 million ($9.58 million). Grascent explained that the fluctuations in net profit were mainly affected by factors such as the international and domestic market environment. The purchase prices of their main products, pine oil, and cypress oil, rose in 2021, causing the gross profit margin of the main business to decline slightly compared to the previous year.

In terms of revenue from main products, the revenue of Grascent’s bio-based fragrances from 2020-2022 was 193 million yuan ($27.13 million), 171 million yuan ($24.04 million), and 164 million yuan ($23.05 million), accounting for 36.07%, 29.02%, and 26.34%, respectively, showing a downward trend year by year. The revenue of another major product, fully synthetic fragrances, showed an upward trend, with revenues of CNY 182 million ($25.58 million), CNY 236 million ($33.17 million), and CNY 268 million ($37.67 million) from 2020-2022, accounting for 33.81%, 40.05%, and 42.99%, respectively.

At present, Grascent’s core customers mainly include the world’s top ten fragrance and flavor companies, daily chemical giants, and large international traders, such as Procter & Gamble, Givaudan, Firmenich, and Symrise.

The prospectus shows that during the reporting period, the sales revenue of Grascent to its top five customers accounted for 41.83%, 43.90%, and 43.98%, respectively. Givaudan and Firmenich have always been the top two important customers, while Symrise and MASBY have also been among the top five largest customers. In 2022, Givaudan, Firmenich, and MASBY were Grascent’s TOP3 customers, contributing sales of 89.1 million ($12.52 million) yuan, 68.8 million yuan ($9.67 million), and 49.91 million yuan ($7.02 million), accounting for 14.11%, 10.90%, and 7.91% of total revenue, respectively.



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