Home >News >India >IPO market to come out of covid break with Rossari Biotech issue next week
Within the home and personal care products space, Rossari’s clients include brands such as Lifebuoy, Vim and Comfort.
Within the home and personal care products space, Rossari’s clients include brands such as Lifebuoy, Vim and Comfort.

IPO market to come out of covid break with Rossari Biotech issue next week

  • The issue is likely to be priced at around 425/share. Rossari will raise up to 150 crore via fresh equity
  • The fresh issue includes a sale to anchor investors. The promoters will also sell 1.05 crore shares out of their holdings

NEW DELHI: The market for initial public offerings, which has been in a covid-induced dormancy for more than four months, is expected to break the jinx next week with the issue of Mumbai-based specialty chemicals maker Rossari Biotech Limited. The issue, likely to be at around 425 per share, the price at which a pre-IPO placement was done in March, is expected to open 13 July and close two days later, according to sources familiar with the development.

The company has received the final approval of the Registrar of Companies for its listing.

The IPO of SBI Cards and Payment Services, which closed on 5 March, was the last issue to hit the capital market. The imposition of a lockdown 22 March onwards to prevent the spread of coronavirus ensured that no company came to raise any equity from the public in this period.

Rossari 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.

According to the draft papers filed with the capital markets regulator by the company in December, Rossari will raise up to 150 crore via sale of fresh shares. The promoters will also sell 1.05 crore shares out of their current holdings. The face value of each share is 2.

Rossari plans to raise up to 100 crore from anchor investors prior to the IPO and that would proportionately reduce the quantum of fresh equity.

The company’s specialty chemicals are used in soaps and detergents, paints, inks, tiles, papers, natural and man-made textiles. It also makes products like shampoos, powders, sprays and creams for pets and nutrition items for poultry.

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