Rossari Biotech IPO from Monday, know issue price, other details
New Delhi | Jagran Business Desk:Rossari Biotech is all set with year's first Initial Public Offering (IPO). The subscription will open from Monday, 13th July. Rossari Biotech will hit the market with rs 500 crore.
Rossari Biotech Ltd is a manufacturer of textiles specialty chemicals. It provides customized solutions to the apparel, animal & poultry feed, and FMCG industries by offering a diversified product portfolio. Rossari Biotech operates in 18 countries including India, Bangladesh, Vietnam, and Mauritius. As per the F&S Report published on 30th Sept 2019, it is the largest textile specialty chemical manufacturer in India.
The Rossari Biotech IPO will open for subscription for three days, starting from Monday 13 and ending on July 15.
An issue price of Rs 423-Rs 425 has been set for the IPO. At the upper end of the price band, the offer for sale is estimated at Rs 446.25 crore.
Shares will be available for subscription to eligible investors in lots of 35. That means a minimum investment of Rs 14,805-14,875 will be required to apply for subscription.
While 50 per cent of the offer is reserved for book building qualified institutional buyers (QIBs), 15 per cent is for non-institutional investors and 35 per cent for retail investors.
For retail investors, a maximum subscription amount of Rs 2,00,000 will be permitted under the Rossari IPO.
While one portion of the proceeds, Rs 65 crore, will be utilised towards repayment or prepayment of certain loans, another Rs 50 crore will be used for funding working capital requirement.
In a pre-IPO placement, the company has raised Rs 99.99 crore through a private placement of 2,352,920 shares to various investors.
Posted By: Tushar Kumar Laleria