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The preliminary public provide (IPO) of Rossari Biotech Ltd on Monday was subscribed 60% on the primary day of the providing.
Rossari Biotech has set a value band of ₹423-425 per share. The IPO closes on 15 July. The firm plans to boost Rs50 crore by means of the IPO, whereas promoters are promoting shares price Rs446 crore.
As per inventory alternate information, the portion of shares reserved for institutional buyers was subscribed 41%, whereas shares reserved for non-institutional buyers or HNIs noticed subscription of 11%. Retail quota was subscribed 92%.
Rossari Biotech is a producer of specialty chemical compounds. It gives personalized options to the attire, animal & poultry feed, and FMCG industries by providing a diversified product portfolio and operates in 18 international locations together with India, Bangladesh, Vietnam, and Mauritius.
Motilal Oswal in an IPO report stated “The company has delivered robust growth in revenue/EBITDA/PAT over FY2015-FY2020, reporting CAGRs of 31%/51%/78%, leading to high return ratios (RoE/RoCE at 25%/32% in FY2020). The new capacity expansion at Dahej (132ktpa) should strengthen its portfolio in the high-growth HPPC segment to serve its wide customer base. Customized product offering, fungible capacities and rapid finished product conversion rate remain the key differentiators for the company. At the upper price band of Rs425, the stock is available at 33 times FY2020 earnings”.
Rossari Biotech is the primary IPO to hit the Indian markets since SBI Cards and Payments Services Ltd raised over Rs10,000 crore in early March.
Investment banks Axis Capital and ICICI Securities are managing the IPO.
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