The initial public offer (IPO) of Rossari Biotech received bids for 2.42 crore shares today, 14 July 2020, as against 81.73 lakh shares on offer, as per the National Stock Exchange of India (NSE) website data at 17:00 IST. The issue was subscribed 2.97 times.

The issue opened for bidding on Monday, 13 July 2020 and it will close on Wednesday, 15 July 2020. The price band for the IPO is set at Rs 423-425 per share.

The IPO comprises of a fresh issue of equity shares aggregating upto Rs 50 crore and an offer for sale of upto 1.05 crore equity shares by the selling shareholders.

The company on 10 July 2020 raised Rs 148.87 crore from anchor investors, ahead of its initial share sale. The company allotted 35.02 lakh shares at a price of Rs 425 per share to a total of 15 anchor investors, including 12 mutual funds, through 48 schemes.

The anchor investors include Abu Dhabi Investment Authority, HDFC Mutual Fund, Axis Mutual Fund, ICICI Prudential Mutual Fund, SBI Mutual Fund, Sundaram Mutual Fund, HDFC Life Insurance Company and Goldman Sachs India.

The net proceeds from the issue will be utilised in repaying debt, funding working capital requirements and general corporate purposes.

On a consolidated basis, Rossari Biotech generated total income of Rs 603.81 crore and a net profit of Rs 65.25 crore in fiscal 2020.

Rossari Biotech is a specialty chemicals manufacturing company. Its business is organized in three main product categories: home, personal care and performance chemicals; textile specialty chemicals; and animal health and nutrition products. It operates in India as well as in 17 foreign countries including Vietnam, Bangladesh and Mauritius.