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Specialty chemicals manufacturer Rossari Biotech plans to come out with an initial public offering (IPO) soon. The company has filed a draft red herring prospectus with SEBI.
If launched, this would be the first IPO in four months. SBI Cards & Payment Services was the last to hit the capital market (on March 5) with successful IPO.
While, the company plans to raise ₹50 crore through the public issue, which also consists of an offer-for-sale of 1.05 crore shares by promoters Edward Menezes and Sunil Chari. Though the company will announce the price soon, market sources say the issue may be priced at ₹425 a share with the total IPO size being ₹500 crore.
The company had raised ₹100 crore in pre-IPO placement of shares with Malabar India Fund, White Oak, Kotak Infina, Axis AMC, Mirae Asset, Sundaram Mutual Fund, IIFL and ICICI Lombard General Insurance.
Net proceeds from the issue (and pre-IPO amount funds) are proposed to be utilised for funding working capital requirements, repaying certain indebtedness availed by the company and for general corporate purposes, it said.
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 catering to FMCG, apparel, poultry and animal feed industries.
The products are used in the manufacture of soaps and detergents, paints, inks, tiles, papers, natural and man-made textiles.
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