J. Sagar Associates (JSA) advised Axis Capital Limited and ICICI Securities Limited (together the “BRLMs”) in relation to the recently concluded initial public offering of Rossari Biotech Limited (Rossari). The Prospectus was filed on July 16, 2020, comprising of a public issue of approximately 11,676,470 Equity Shares of face value of ₹ 2 each, at a premium of ₹ 425 each, aggregating to ₹ 4,962.50 million, comprising a fresh issue of ₹ 500.00 million and an offer for sale by the promoters of Rossari, namely, Edward Walter Menezes and Sunil Srinivasan Chari, aggregating to ₹ 4,462.50 million. As per the news articles, the IPO received an overall subscription of ⁓ 79.37x and garnered ⁓ ₹ 275,700 million, with over 0.62 million applicants.
The IPO was in addition to a Pre-IPO Placement of ₹ 1,000 million back in February 2020 to various marquee investors..
This all-virtual IPO is the first public offering of securities in India amidst the ongoing COVID-19 pandemic and after a stagnant fund raising phase of 4 months.
Rossari is one of the leading specialty chemicals manufacturing companies in India, providing customized solutions to specific industrial and production requirements of our customers primarily in the FMCG, apparel, poultry and animal feed industries through their diversified product portfolio comprising home, personal care and performance chemicals; textile specialty chemicals; and animal health and nutrition products. They operate in India as well as in 17 foreign countries including Vietnam, Bangladesh and Mauritius. They are the largest manufacturer of textile specialty chemicals in India providing textile specialty chemicals in a sustainable, eco-friendly yet competitive manner.
JSA Team comprised Partner – Arka Mookerjee; Principal Associate – Siddhartha Desai; Associates – Ananth Balaji and Kinjal Shah.
Arka’s practice area covers primarily equity capital markets issuances which covers a wide range of products such as Initial Public Offerings, Rights Issues, Qualified Institutions Placements, Initial Public Offering of Infrastructure Trusts and foreign currency convertible bonds.