Rossari Biotech Plans to Introduce Rs. 500 cr IPO in next week:
To begin with, after the 4 months break, we can see some buzz next week in the IPO market. Due to the entry of Rossari biotech in a week. It was the specialty chemicals manufacturer in India and Rossari biotech plans to raise Rs. 500 cr from its initial share sale.
Moreover, it was the first company to introduce its IPO in the present volatile markets. After, the SBI Cards and Payment services IPO, the IPO markets have a long break of 4 months period. The SBI Cards & Payments IPO Subscription period ended on 5th March 2020. Also, many of the companies get SEBI approvals during the period, but most of the companies postponed their IPOs.
According to the draft prospectus, the company raised Rs. 100 cr from its pre-IPO placements. The company offered its share value of Rs. 425 per equity share. It also expects the same price band in the IPO. The market capitalization of the company is Rs. 2,200 cr.
Furthermore, the company wants to utilize the raised amount to the working capital requirements, repayment process, and general corporate purposes. The company promoters are Axis Capital and ICICI Securities. Rossari Biotech shares will list on both National Stock Exchange and Bombay Stock Exchange.
In December 2019, the company submitted its IPO draft prospectus with the Securities and Exchange Board of India. It also got approvals from the market regulator in February 2020.