Rossari Biotech decided to introduce its IPO on March 18:

India’s specialty chemical manufacturing company, Rossari Biotech wants to enter into the public. Also, the Rossari Biotech decided to introduce its IPO on 18th March.

If the equity market trading in the negative zone due to coronavirus, even the company decides to launch its IPO. The company provides a fresh issue of Rs 50 cr and it offers around 1.05 cr eq shares for sale.

Moreover, Mr. Edward Menezes and Mr. Sunil Chari are the promoters for this IPO. In 2003, Edward Menezes and Sunil Chari started their chemical business, at present the plans to sell their 52.5 lakh eq shares through this IPO.

Also Check: Rossari Biotech IPO 

The IPO subscription period will start on 18th March and it will end on 20th March. On 7th March, at the time of draft papers submission, Edward Menezes and Sunil Chari held 42.10% and  42.05% of stake respectively.

The company provided its customized solutions for the particular industrial and production requirements of customers. The customer from FMCG, apparel, poultry, and animal feed industries by diversified portfolios. And in the comprising home, personal care and performance chemicals.

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Also, it was a specialty in textile chemicals, animal health, and nutrition products. Moreover, The company provides services to India along with 17 foreign countries including Vietnam, Bangladesh, and Mauritius.

The company plans to utilize the raised amount for repayment of loans and funding of existing capital requirements. Furthermore, the Axis Capital and ICICI Securities are acting as lead managers or merchant bankers for the IPO.