Stocks

Rossari Biotech receives SEBI approval for IPO

Rajesh Kurup Mumbai | Updated on February 25, 2020 Published on February 25, 2020

Mumbai-based Rossari Biotech, a speciality chemical manufacturer, has received market regulator SEBI’s approval for its Initial Public Offering (IPO). The company had filed a Draft Red Herring Prospectus (initial papers) with SEBI on December 18, 2019.

As per market sources, IPO issue size will be about ₹700 crore.

According to the DRHP, the company is seeking a new issue of ₹150 crore and Offer For Share of up to 1.05 crore equity shares of face value ₹2 each.

Axis Capital and ICICI Securities have been appointed as the book running lead managers for the share sale

As per FY19 figures, Rossari’s revenue from the sale of the home, personal care and performance products and textile chemicals constituted 37.81 per cent and 52.18 per cent of the total revenues, respectively. It recently diversified into the animal health and nutrition segment under its acquisition of Lozalo. Between FY17-19 the company’s total revenues have increased at by 41.07 per cent per annum.

Published on February 25, 2020
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