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Home / Markets / Stock Markets /  Rossari Biotech files 700-crore IPO papers with Sebi

New Delhi: Rossari Biotech, speciality chemical maker with focus on home and personal care products, on Wednesday filed draft papers with capital markets regulator Sebi to float a 700 crore initial public offering.

The IPO comprises fresh issuance of shares to the tune of 150 crore and sale of 1.05 crore equity shares by the company's promoters through offer-for-sale route, according to the draft prospectus filed with the Securities and Exchange Board of India (Sebi).

Market sources said the IPO size will be worth 700 crore.

The Mumbai-based company may consider a private placement of equity shares aggregating up to 100 crore. If the pre-IPO placement is undertaken, the amount will be reduced from the fresh issue.

The company plans to utilise the net proceeds towards repayment or prepayment of certain indebtedness availed by Rossari Biotech, to fund working capital requirements 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.

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.

In the six months ended September 30, 2019, Rossari Biotech generated a revenue of 279.76 crore and an EBITDA of 50.62 crore.

This story has been published from a wire agency feed without modifications to the text.

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