Rossari Biotech to debut on bourses today

Shares of speciality chemical maker Rossari Biotech will debut on bourses today, 23 July 2020 after receiving strong response to its public issue from investors.

The initial public offer (IPO) of Rossari Biotech received bids for 64.87 crore shares as against 81.73 lakh shares on offer, as per the National Stock Exchange of India (NSE) website data on 15 July 2020. The issue was subscribed 79.37 times.

The qualified institutional buyers (QIBs) category was subscribed 85.26 times. The non-institutional investors category was subscribed 239.83 times. The retail individual investors (RIIs) category was subscribed 7.23 times.

The issue opened for bidding on 13 July 2020 and closed on 15 July 2020. The issue price was set at the top end of the Rs 423-425 per share IPO price band.

The IPO comprised of a fresh issue of equity shares aggregating upto Rs 50 crore and an offer for sale of upto 1.05 crore equity shares by the selling shareholders.

The company on 10 July 2020 raised Rs 148.87 crore from anchor investors, ahead of its initial share sale. The company allotted 35.02 lakh shares at a price of Rs 425 per share to a total of 15 anchor investors, including 12 mutual funds, through 48 schemes.

On a consolidated basis, Rossari Biotech generated total income of Rs 603.81 crore and a net profit of Rs 65.25 crore in fiscal 2020.

Rossari Biotech is a specialty chemicals manufacturing company. Its business is organized in three main product categories: home, personal care and performance chemicals; textile specialty chemicals; and animal health and nutrition products. It operates in India as well as in 17 foreign countries including Vietnam, Bangladesh and Mauritius.

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