Mumbai-based specialty chemicals manufacturer Rossari Biotech Ltd will launch its initial public offering (IPO) on July 13, with a price band of Rs 423- Rs 425 per share. After SBI Cards & Payments, this is first company to be listed on the exchanges after a gap of 4 months. The three-day share sale will close on July 15, seeking to raise nearly Rs 496 crore.
Mumbai-based specialty chemicals manufacturer Rossari Biotech will launch its initial public offering (IPO) on July 13, with a price band of Rs 423- Rs 425 per share.
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After SBI Cards & Payments, this is the first company to be listed on the exchanges after a gap of 4 months. The three-day share sale will close on July 15, seeking to raise nearly Rs 496 crore.
The IPO will consist of a fresh issue of equity shares aggregating up to Rs 50 crore and an offer for sale component of up to 1,05,00,000 equity shares. The issue size is pegged around Rs 494-Rs 496 crore.
The proceeds from the fresh issue will be utilised to repay borrowings worth Rs 65 crore and fund working capital requirements of Rs 50 crore along with other general corporate purposes, said the company's press release.
Axis Capital and ICICI Securities are the merchant bankers for the share-sale. The equity shares will be listed on the National Stock Exchange and the BSE.
Axis Capital in its IPO note said, “Manufacturing of disinfectants & sanitisers as part of the home, personal care & performance chemicals led the company’s products to get categorised under essential goods. Therefore, manufacturing facility at Silvassa was not shut down during the COVID-19 lockdown."
"The HPPC segment has been positively impacted with higher demand for disinfectants & sanitisers however the textile specialty chemicals segments witnessed a temporary reduction in demand,” added the report.
Rossari Biotech is a specialty chemicals manufacturing firm with focus on home and personal care, performance chemicals, textile specialty chemicals and animal health and nutrition products.
Apart from India, it has operations in 17 countries including Vietnam, Bangladesh and Mauritius.