Latest News | Rossari Biotech Garners Rs 149 Cr from Anchor Investors Ahead of IPO

New Delhi, Jul 10 (PTI) Specialty chemicals manufacturer Rossari Biotech on Friday said it has raised Rs 149 crore from anchor investors ahead of its initial share-sale that opens on Monday.

The anchor investors include Abu Dhabi Investment Authority, HDFC Mutual Fund, Axis Mutual Fund, ICICI Prudential Mutual Fund, SBI Mutual Fund, Sundaram Mutual Fund, HDFC Life Insurance Company and Goldman Sachs India.

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In a statement, the company said it has raised Rs 148.87 crore in anchor allotment and has finalised allocation of 35,02,940 shares to 15 institutional investors at Rs 425 per share, which is the upper limit of the price band for the IPO.

The company has fixed a price band of Rs 423-425 per equity share for its initial public offer (IPO) which will be open for public subscription from July 13-15.

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Rossari Biotech's initial share-sale will end four months of inactivity in the IPO markets. SBI Cards & Payment Services was the last company to float IPO in March.

Rossari Biotech's IPO comprises fresh issuance of shares worth Rs 50 crore and sale of 1,05,00,000 equity shares by company's promoters through offer-for-sale route.

At the upper end of price band, the IPO size is about Rs 496 crore.

The company has already raised Rs 100 crore in pre-IPO placement.

Net proceeds from the issue will be utilised for funding working capital requirements, repaying certain debt availed by the company and for general corporate purposes.

Axis Capital and ICICI Securities are the merchant bankers for the share-sale. The equity shares will be listed on the NSE and BSE.

The company, which filed its draft papers with Sebi in December 2019, received clearance from the regulator in February to launch the IPO.

Rossari Biotech is a specialty chemicals manufacturing firm with focus on home and personal care, performance chemicals, textile specialty chemicals and animal health and nutrition products.

Apart from India, it has operations in 17 countries, including Vietnam, Bangladesh and Mauritius.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)