Wait...

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

Rossari Biotech debuts at Rs 670 with 58% premium over IPO price.


Date: 24-07-2020
Subject: Rossari Biotech debuts at Rs 670 with 58% premium over IPO price
The Mumbai-based specialty chemical maker Rossari Biotech started the first trading day with a whopping 57.65 percent premium over its IPO price on July 23.

The stock opened at Rs 670 on the BSE, up by Rs 245 over the issue price of Rs 425 per share, while on the National Stock Exchange, it debuted at Rs 669.25, a 57.47 percent premium over IPO price.

It was much higher than the grey market premium (of around Rs 160-180 per share) as well as analysts' expectations of Rs 130-175 per share.

At 10:01 hours IST, the stock was trading at Rs 675 on the BSE, up by Rs 250 or 58.82 percent over issue price with a volume of 3.83 lakh shares.

The exchange has fixed a 20 percent upper and lower circuit limit at Rs 804 and Rs 536 respectively, over its opening price of Rs 670.

On the National Stock Exchange, the share price traded at Rs 676.75, up by Rs 251.75 or 59.24 percent over IPO price, with volumes of 40,88,564 equity shares.

The Rs 496-crore initial public offering of Rossari Biotech had seen a hefty subscription of 79.37 times during July 13-15.

The public issue consisted a fresh issue of Rs 50 crore and offer for sale of 1.05 crore shares by promoters Edward Menezes and Sunil Chari.

Promoters and promoter group's shareholding in the company reduced to 72.69 percent post issue, from 95.06 percent earlier.

The company will utilise fresh issue proceeds for repayment/prepayment of certain indebtedness (including accrued interest) and funding working capital requirements, while it will not receive any funds from offer for sale.

Rossari manufactures majority of its products in-house from its Silvassa manufacturing facility which has an installed capacity of 1,20,000 MTPA. Now the company is currently setting up another manufacturing facility at Dahej in Gujarat with a proposed installed capacity of 1,32,500 MTPA which will enjoy proximity to the deep water, multi-cargo port of Dahej. The proposed state-of-the-art facility will be fully operational by March 2021.


Manufacturing of disinfectants & sanitizers as part of the Home, Personal Care & Performance Chemicals led the company's products to get categorized under essential goods, thus its manufacturing facility at Silvassa was not shut down during COVID-19 lockdown period.

Previously, company's business was much dependent on the textile space (nearly 71 percent revenue came from textile in FY18 which reduced to 44 percent in FY20), but steadily company has brought down the revenue share and simultaneously the revenue share of Home & Personal care division has increased and current it accounts nearly 47 percent of FY20 revenue, which turns a big positive for Rossari Biotech, said Ashika Stock Broking.

Company is financially sound company with low leverage in balance sheet. In past 3 years (FY17-FY20), company has delivered stupendous growth on revenue, EBITDA and net profit level, which grew at a CAGR of 42 percent, 57 percent and 60 percent respectively. Its robust growth was reflected in its return ratios with RoCE and RoNW of 25 percent and 32 percent in FY20.

Source:- moneycontrol.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 24-10-2020



Date: 21-10-2020
Notification No. 38/2020-Customs
Notification regarding exemption of duties of Customs against scrips issued under the RoSL scheme for apparel and made-ups sectors.

Date: 21-10-2020
Notification No. 07/2020 – Central Excise
Notification regarding exemption of duties of Central Excise against scrips issued under the RoSL scheme for apparel and made-ups sectors

Date: 20-10-2020
Notification No. 37/2020-Customs
Seeks to further amend notification no. 152/2009 dated 31.12.2009, regarding the rate of duty of customs on imports of "Polybutadiene Rubber" originating in Korea RP and imported under the India-Korea Comprehensive Economic Partnership Agreement.

Date: 15-10-2020
Notification No. 99/2020 - Customs (N.T.)
Exchange rate Notification No.99/2020-Cus (NT) dated 15.10.2020- regd.

Date: 13-10-2020
Trade Notice No. 30/2020-2021-DGFT
Electronic filing and Issuance of Preferential Certificate of Origin (CoO) for India’s Exports under GSP, GSTP, India-Malaysia CECA, India-Singapore CECA w.e.f. 15th October 2020

Date: 09-10-2020
Notification No. 39/2015-2020
Amendment in Export Policy of Onions

Date: 08-10-2020
Circular No. 44/2020-Customs
Procedure for inspection of ICDs/CFSs/AFSs -reg

Date: 08-10-2020
Notification No. 49/2020-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI

Date: 07-10-2020
Public Notice No.24 /2015-20
Revision of SION H-68, H-301 & H-302 of Export Products- Double Decorative/Single side Laminates with or without Barrier Paper



Exim Guru Copyright © 1999-2020 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001