Rossari Biotech's Over Rs 494-Crore Initial Public Offer (IPO) Opens On Monday
Rossari Biotech's initial public offer or IPO is set to open for subscription from Monday, July 13 to July 15. Mumbai-based Rossari is a manufacturer of textile and specialty chemicals. The company's public offer worth Rs 494-496 crore includes a fresh issue of shares worth Rs 50 crore and an offer of sale of 1.05 crore shares. Rossari Biotech provides customised solutions to cater to the industrial and production requirements of its customers through a diversified product portfolio, according to its website.
Here's all you need to know about the Rossari Biotech IPO (issue price, important dates, lot size etc.):
Important Dates
The Rossari Biotech IPO will open for subscription for three days ending July 15.
Issue Price
An issue price of Rs 423-Rs 425 has been set for the IPO. At the upper end of the price band, the offer for sale is estimated at Rs 446.25 crore.
Lot Size
Shares will be available for subscription to eligible investors in lots of 35. That means a minimum investment of Rs 14,805-14,875 will be required to apply for subscription.
While 50 per cent of the offer is reserved for book building qualified institutional buyers (QIBs), 15 per cent is for non-institutional investors and 35 per cent for retail investors.
Investment Limit
For retail investors, a maximum subscription amount of Rs 2,00,000 will be permitted under the Rossari IPO.
Fund Utilisation
While one portion of the proceeds, Rs 65 crore, will be utilised towards repayment or prepayment of certain loans, another Rs 50 crore will be used for funding working capital requirement.
Axis Capital and ICICI Securities are book running lead managers for the public offer.
