Mumbai based speciality chemicals manufacturer, Rossari Biotech Ltd on Friday said that it has raised Rs. 148.87 crore from anchor investors, ahead of its IPO that opens on 13 July.

 

Institutional investors that participated in the anchor allotment included Abu Dhabi Investment Authority, Axis Mutual Fund, Mirae Asset Mutual Fund, Goldman Sachs, HFDC Mutual Fund, SBI Mutual Fund, among others. 

 

Rossari has fixed a price band of Rs. 423– 425 per share for the IPO. The IPO will open on 13 July and close on 15 July.

 

The issue size is pegged around Rs 494-Rs 496 crore. The IPO will consist of a fresh issue of equity shares aggregating up to Rs 50 crore and an offer for sale component of up to 10,500,000 equity shares. 

 

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

 

Investment banks Axis Capital and ICICI Securities are managing the IPO.

 

Rossari Biotech’s business is organised in three main product categories (a) home, personal care and performance chemicals (HPPC); (b) textile specialty chemicals; (c) animal health and nutrition products (AHNP). The products are used in the manufacture of soaps and detergents, paints, inks, tiles, papers, natural and man-made textiles. Apart from India, it has operations in 17 countries, including Vietnam, Bangladesh and Mauritius.