Home IPO IPO Market News: Rossari Biotech gets Sebi nod for IPO

IPO Market News: Rossari Biotech gets Sebi nod for IPO

by TradingETFs.com
Mumbai: Rossari Biotech, a leading specialty chemical maker, has received approval from The Securities and Exchange Board of India (Sebi) for its initial public offer.

The company had filed DRHP with Sebi on December 18. The IPO comprises a fresh issue of Rs 150 crore and offer for sale (OFS) of up to 1,05,00,000 equity shares of a face value Rs 2 each. Market sources have pegged the issue size at around Rs. 700 crore.

Rossari Biotech intends to utilise the funds for capex and payment of debt. ICICI Securities and Axis Capital are lead managers for the share sale.

The company had reported profit of Rs 31.90 crore for the six-month period ended September 30, on an operating revenue of Rs 278.14 crore. Net profit for fiscal year 2019 was Rs 45.68 crore on a revenue of Rs 516.21 crore.

The company provides customised solutions to specific industrial and production requirements to its customers primarily in the FMCG, apparel, poultry and animal feed industries.

Some of the significant customers for its textile specialty chemical products category include Arvind, Raymond, Ashnoor Textile Mills, Bhaskar Industries, European Textile Chemical and Shahi Exports.

The company operates in India as well as in 17 foreign countries, including Vietnam, Bangladesh and Mauritius.

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