After a four-month dry run within the preliminary public choices (IPO) market, Mumbai-based speciality chemical substances maker Rossari Biotech is all set to be the primary to interrupt the lull with its Rs 500-crore IPO.
The corporate’s preliminary public providing (IPO) is more likely to hit the market subsequent week from July 13 to July 15. The IPO includes recent subject of shares to the tune of Rs 150 crore and sale of greater than 1 crore fairness shares by the corporate’s promoters via offer-for-sale route. The difficulty measurement is anticipated at round Rs 494-Rs 496 crore. The face worth of every share is Rs 2.
The value band of the IPO is more likely to be at round Rs 423-Rs 425 per share. Firm’s market capitalisation is pegged at Rs 2,200 crore.
As per the draft papers, the proceeds from the IPO shall be used to primarily repay debt and fund working capital necessities, together with common company functions.
Rossari Biotech has raised Rs 100 crore in a pre-IPO placement in March with Malabar India Fund, White Oak, Kotak Infina, Axis AMC, Mirae Asset, Sundaram Mutual Fund, IIFL and ICICI Lombard Basic Insurance coverage.
Firm’s enterprise is organised in three foremost product categories-home, private care and efficiency chemical substances (HPPC), textile speciality chemical substances and animal well being and vitamin merchandise (AHNP).
Axis Capital and ICICI Securities are the service provider bankers for the IPO and fairness shares shall be listed on the Nationwide Inventory Trade (NSE) and Bombay Inventory Trade (BSE).