After a hiatus of almost 4 months in the IPO market owing to corona led lockdown, Mumbai-based specialty chemicals company Rossari Biotech is all set to launch its IPO on July 13. Price-band for the issue has been fixed between Rs. 423 and Rs. 425 as per one of the book running lead managers, Axis Capital. The issue will end for subscription on July 15, 2020.
Interestingly, the company would make its debut on the bourses after SBI Cards which listed on March 16 at a discount in comparison to what was estimated of it earlier due to market downturn in late March on account of corona-led sell-off.
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 10,500,000 equity shares. The issue size is pegged around Rs 494-Rs 496 crore.
Each share will have a face value of Rs 2 with subscription available in lot size of 35 shares and in multiples thereof.
The proceeds from the IPO will be used to primarily repay debt and fund working capital requirements, along with general corporate purposes.
Further based on the indicative timeline, the stock is likely to be listed and begin trading on July 23, 2020.
The company's work line is primarily segregated into 3 major product categories namely:
(i) home, personal care and performance chemicals (HPPC);
(ii) textile specialty chemicals; and
(iii) animal health and nutrition products (AHNP)