Rossari Biotech receives SEBI nod for Rs 700cr IPO
The IPO comprises a fresh issue of Rs 150 crore and offer for sale of upto 1.05 crore equity shares, as per the DRHP filed with SEBI.
February 25, 2020 / 07:35 PM IST
Speciality chemical manufacturer Rossari Biotech has received approval from the capital market regulator SEBI for an initial public offering.
Market sources said the issue size could be approximately Rs 700 crore.
The IPO comprises a fresh issue of Rs 150 crore and an offer for sale of up to 1.05 crore equity shares, as per the DRHP filed with SEBI.
The company had filed its DRHP with SEBI on December 18 last year.
The company proposed to utilize fresh issue proceeds towards repayment of certain debt, funding working capital requirements and general corporate purposes.
Founded in 1996, Rossari Biotech is one of the leading speciality chemicals manufacturing companies in the country based on sales for fiscal 2019.
The company provides customised solutions to specific industrial and production requirements of their customers primarily in the FMCG (home care & personal care), apparel, poultry and animal feed industries.
Rossari Biotech manufactured and supplied home, personal care and performance chemicals to over 284 customers as on September 2019.
Some of the significant customers for its home, personal care and performance chemical products category include RSPL (Ghadi detergent), IFB Industries, Hindustan Unilever, Panasonic India, BSH Household Appliances Manufacturing, CICO Technologies, Rentokil Initial Hygiene India and Millennium Papers.
The company also manufactured and supplied textile speciality chemical products to 335 customers in over 15 countries as of September 2019.
Axis Capital and ICICI Securities have been appointed the book running lead managers to the issue.