About Rossari Biotech.
Rossari Biotech is a one of the leading speciality chemical manufacturing companies in India. They provide customized solutions to specific industrial and production requirements. The company specializes in the following:
- Home, Personal Care and Performance Chemicals
- Textile speciality chemicals.
- Animal health and nutrition products
They manufacture most of their products from their manufacturing facility in Dadra and Nagar Haveli with a presence in about 17 countries. Currently, their production capacity is 100,000 MTPA(Million Tonnes Per Annum). Moreover, It has two R&D facilities one in IIT Bombay and an inhouse one in Silvassa.
About the IPO
Rossari Biotech filed a DHRP (Draft Red Herring Prospectus) for an IPO initially estimated at Rs. 700 crores in mid-December. However, the IPO was later pegged at Rs. 500 crores considering global slowdown due to coronavirus pandemic.
The subscription period set was between 13th July 2020 and 15 July 2020. By end of the subscription period, Rossari Biotech was subscribed 79 times (i.e. demand for the share was 79x in the market than the prescribed value). The issue price is set between Rs. 423-Rs. 425 with the ticker hitting the market on 23rd July. The IPO managed to issue a total of 11,682,033 shares. Additionally, The IPO managed to raise 496 Crs.