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IPO market out of Covid shock: This firm will launch Rs 500-crore share sale on July 13

The price band of the IPO is likely to be at around Rs 423-Rs 425 per share. Company's market capitalisation is pegged at Rs 2,200 crore

twitter-logoBusinessToday.In | July 8, 2020 | Updated 15:46 IST
IPO market out of Covid shock: This firm will launch Rs 500-crore share sale on July 13
The price band of the IPO is likely to be at around Rs 423-Rs 425 per share. Company's market capitalisation is pegged at Rs 2,200 crore

After a four-month dry run in the initial public offerings (IPO) market, Mumbai-based speciality chemicals maker Rossari Biotech is all set to be the first to break the lull with its Rs 500-crore IPO.

The company's initial public offering (IPO) is likely to hit the market next week from July 13 to July 15. The IPO comprises fresh issue of shares to the tune of Rs 150 crore and sale of more than 1 crore equity shares by the company's promoters through offer-for-sale route. The issue size is expected at around  Rs 494-Rs 496 crore. The face value of each share is Rs 2.

The price band of the IPO is likely to be at around Rs 423-Rs 425 per share. Company's market capitalisation is pegged at Rs 2,200 crore.

As per the draft papers, the proceeds from the IPO will be used to primarily repay debt and fund working capital requirements, along with general corporate purposes.

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 General Insurance.

Company's business is organised in three main product categories-home, personal care and performance chemicals (HPPC), textile speciality chemicals and animal health and nutrition products (AHNP).

Axis Capital and ICICI Securities are the merchant bankers for the IPO and equity shares will be listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

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