Rossari Biotech IPO Review, Dates, Allotment, Size, Live Bid Details, GMP & RHP

Let’s have a detailed review of the company and analytics of the Rossari Biotech Limited IPO release date, IPO offer price, subscription, Rossari Biotech IPO allotment, grey market price and other details like the company’s background, its financial positions, its promoters and other related things.Stock Broker Complaints

The Promoters of this company are MR. EDWARD WALTER MENEZES AND MR. SUNIL SRINIVASAN CHARI. The lead manager to the issue is Axis Capital Limited, ICICI Securities Limited. The Registrar to this issue is Link Intime India Private Limited.


Rossari Biotech IPO Review & Ratings

IPO Ratings & Review
Criteria Ratings
Industry Sentiments 7.4/10
Industry Ranking 7.1/10
Company Background 8.2/10
Company Reputation 7.7/10
Competitive Edge 7.2/10
Financial Statements 8.0/10
Popularity Index 7.6/10
Promoters Reputation 8.0/10
Retail Appetite 7.5/10
Top Brokers Review 8.1/10
Overall Ratings 7.5/10
Star Ratings ★★★★☆

Summary of Rossari Biotech IPO

Rossari Biotech IPO

They are one of the leading specialty chemicals manufacturing companies in India based on sales for Fiscal 2019 . They provide customized solutions to specific industrial and production requirements of their 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.

As a specialty chemical manufacturing company, they continuously monitor industry trends so as to ensure that their products continue to remain relevant and help their customers meet the evolving market demands. They are driven by technical innovation in formulations and applications of their products in order to provide specific and customized solutions to their customers.

From FY 2016-17 to FY 2018-2019, as per the Restated Financial Statements

  • In the six months ended September 30, 2019, Fiscal 2019, Fiscal 2018 and Fiscal 2017, they generated total revenue of Rs.2,797.66 million, Rs.5,171.24 million, Rs.3,004.29 million and Rs.2,605.97 million, respectively, EBITDA of Rs.506.26 million, Rs.776.28 million, Rs.426.34 million and Rs.239.92 million, respectively and net profit after tax of Rs.319.00 million, Rs.456.83 million, Rs.254.03 million and Rs.142.85 million, respectively.
  • They have been able to increase their total revenue from Fiscal 2017 to Fiscal 2019 at a compound annual growth rate of 41.07%, EBITDA at a compound annual growth rate of 79.87% and their profit after tax has increased at a compound annual growth rate of 77.83% over the same period.
  • They have reported Return on Net Worth 46.09%, 43.32%, 34.08% and 46.09% with a total debt to equity ratio of 0.45 for the six months period ended September 30, 2019, Fiscal 2019, Fiscal 2018 and Fiscal 2017, respectively, and a Return on Capital Employed of 22.44%, 34.68%, 50.93% and 38.65% for the six months period ended September 30, 2019, Fiscal 2019, Fiscal 2018 and Fiscal 2017, respectively.


Rossari Biotech IPO Dates / Launch Date

The opening and the closing date of Rossari Biotech IPO is not known yet.


Rossari Biotech IPO Subscription 

Day / Date QIB NII RII Total Subscription
1st Day – 
2nd Day – 
3rd Day – 
4th Day – 
Shares Offered or Net Issue

The shares subscribed by the public will be updated here.


Rossari Biotech IPO Allotment Status

Here, you can find the Allotment Status of this IPO. Allotment of Equity Shares pursuant to the Fresh Issue and transfer of the Offered Shares of the Promoter Selling Shareholders pursuant to the Offer for Sale to the successful Bidders. However, the Allotment status is not yet disclosed.

Rossari Biotech IPO Listing Date

Find the dates below on basis of allotment, refund, listing and more:

Basis of Allotment Finalization
Refunds Initiation
Credit of Shares to Demat Account
Share Listing Date

Rossari Biotech IPO Price Band / Cash Price

The face value of each share is Rs.2,and the cash price of the IPO is [●]. 


Rossari Biotech IPO Size

This Initial Public Issue of [●] Equity Shares of Rs.2 each for cash at a price of [●] per equity share aggregating to [●] Million.


Rossari Biotech IPO Share Offering

Fresh Issue: The Fresh Issue of [●] Equity Shares by their Company of Rs.2 each at a price of [●] per equity share aggregating to Rs.1,500.00 Million,

Net Issue : 

Offer for Sale : Offer for sale of up to 10,500,000 Equity Shares by the Promoter Selling Shareholder aggregating up to Rs.[●] million.


Rossari Biotech Limited – Company Overview

Their Company was founded in 2009 by their Promoters, who are both career-technocrats cumulatively having over 45 years of experience in the specialty chemicals industry. They have focused on providing customised solutions to their customers in a cost and time efficient manner.

They believe their success is the result of sustained efforts over the decades in every aspect of their business, such as product innovation, process improvements for their customers’ production cycle, agile customised solutions, their sustainable eco-friendly portfolio of products and increased scale of operations.

Their qualified and experienced in-house R&D team focuses on the development of new products and formulations including collaborative product development with their customers to customize their products to customer expectations and end-user preferences, whilst simultaneously focusing on shorter lead-times and cost competitiveness.

Rossari Biotech Product Category

Their business is organized in three main product categories – (i) home, personal care and performance chemicals; (ii) textile specialty chemicals; and (iii) animal health and nutrition products. As on September 30, 2019, they had a range of 1,948 different products sold across the three product categories.

Rossari Biotech – Home, personal care and performance chemicals

They are the leading manufacturer of acrylic polymers in India and currently manufacture over 300 products for their customers in the soaps and detergent, paints, inks and coatings, ceramics and tiles, water treatment chemicals and pulp and paper industries. They also manufacture institutional cleaning chemical formulations for hospitality, facility management, airports, corporates, food service, commercial laundry, malls, multiplexes, educational sector, places of worship etc.

Rossari Biotech – Textile specialty chemicals

They provide specialty chemicals for the entire value-chain of the textile industry starting from fiber, yarn to fabric, wet processing and garment processing and as on September 30, 2019, manufactures and sales approximately 1,520 products for their customers in this product category.

They have differentiated their product portfolio by focusing on providing diversified and value added speciality chemicals to enhance hydrophilic properties, anti-microbial properties, flame retardant properties, fragrance, water repellents and UV absorbing properties of the textiles.

Rossari Biotech – Animal health and nutrition

They have also diversified into animal health and nutrition and currently supply poultry feed supplements and additives, pet grooming and pet treats including for weaning, infants and adult pets and currently manufacture over 100 products for their customers in this category.

cWe forayed into pet grooming sub-category pursuant to their acquisition of the ‘Lozalo’ brand and related trademarks, intellectual property and employees in Fiscal 2019.

Rossari Biotech Limited: Business strategies

  • Expand manufacturing capacity and increase production efficiency
  • Introduce new products and focus on green products which promote sustainability
  • Continue to focus on innovation and grow their business across customer segments
  • Increase wallet share with existing customers and continued focus to expand customer base
  • Expand their international operations
  • Inorganic growth through strategic acquisitions

Rossari Biotech Ltd – Financial Statements

On the basis of Standalone statement:

Amount (in INR & Million)
30-Sep-19 31-Mar-19 Mar-18 31-Mar-17
Total Assets 2970.04 2488.95 1649.07 1308.94
Total Revenue 2797.66 5171.24 3004.29 2605.97
Total Expense 2370.32 4537.32 2629.55 2418.86
Profit After Tax 319.00 456.83 254.03 142.85

Earnings per Equity Share (in Million)

Amount (in INR & Million)
30-Sep-19 Mar-19 31-Mar-18 31-Mar-17
Basic & Diluted 14.50* 20.77 11.56 6.49

Rossari Biotech IPO – Promoters

The Promoters of this company are:

  • MR. EDWARD WALTER MENEZES
  • MR. SUNIL SRINIVASAN CHARI

List of Related Parties (Key Managerial Personnel)

  • Mr. Sunil Chari, Managing Director
  • PARUL GUPTA, Company Secretary
  • Mr. Edward Menezes, Chairman
  • MANASI NISAL, Chief Financial Officer

Interest in promotion of the Company

Except Mr. Edward Menezes and Mr. Sunil Chari, none of their Directors have any interest in the promotion or formation of their Company as on the date of this Draft Red Herring Prospectus.

Interests of Promoter in property of their Company

Their Directors are not interested in any property acquired or proposed to be acquired by their Company.


Rossari Biotech IPO Offer Details or Issue Details

Particulars  No. Of Equity Shares
 Equity Shares Offered  Up to [●] Equity Shares, aggregating up to Rs.[●] million
 Of which:
Fresh Issue [●] Equity Shares, aggregating up to Rs.1,500.00 million
Offer for Sale Up to 10,500,000 Equity Shares, aggregating up to Rs.[●] million
Of which:

QIB Category 

Not more than [●] Equity Shares
Of which:
Anchor Investor Portion Up to [●] Equity Shares
Balance available for allocation to QIBs other than the Anchor Investor Portion Up to [●] Equity Shares
Of which:
Available for allocation to Mutual Funds only (5% of the QIB Category (excluding Anchor Investor Portion) [●] Equity Shares
Balance of QIB Portion for all QIBs including Mutual Funds [●] Equity Shares

Non-Institutional Category

Not less than [●] Equity Shares

Retail Category

Not less than [●] Equity Shares
 Equity Shares outstanding prior to the Issue 48,400,000 Equity Shares
 Equity Shares outstanding after the Issue [●] Equity Shares

Rossari Biotech IPO Issue Object

The net proceeds of the Fresh Issue, i.e. Gross proceeds of the Fresh Issue less the Offer Expenses apportioned to their Company (“Net Proceeds”) are proposed to be utilised in the following manner:

1. Repayment/prepayment of certain indebtedness availed by their Company (including accrued interest);

2. Funding working capital requirements; and

3. General corporate purposes.

In addition, they expect to achieve the benefit of listing of their Equity Shares on the Stock Exchanges.

The main objects and the objects incidental and ancillary to the main objects of their Memorandum of Association enables their Company to undertake the activities for which the funds are being raised in the Fresh Issue.

Rossari Biotech Limited: Competitive Strength

  • Diversified product portfolio addressing the needs of varied and long-standing customers across industries
  • Largest textile specialty chemical manufacturer in India
  • Extensive manufacturing and technical capabilities
  • Strong R&D capabilities with focus on innovation and sustainability
  • Wide sales and distribution network
  • Experienced Promoters with strong management team having domain knowledge
  • Proven track record of robust financial performance

Rossari Biotech IPO – Basis of the Offer Price

The Price Band will be determined by their Company and the Selling Shareholders, in consultation with the BRLMs, and the Offer Price will be determined by their Company, in consultation with the BRLMs, on the basis of the Book Building Process and the quantitative and qualitative factors as described below.

Qualitative factors are:

  • diversified product portfolio addressing the needs of varied and long-standing customers across industries;
  • largest textile specialty chemical manufacturer in India;
  • extensive manufacturing and technical capabilities;
  • strong R&D capabilities with focus on innovation and sustainability;
  • wide sales and distribution network;
  • experienced Promoters with strong management team having domain knowledge; and
  • Proven track record of robust financial performance.

Rossari Biotech IPO – Quantitative Factors

Basic & Diluted EPS RONW in % NAV (Rs.)
31-Mar-17 6.49 23.05
31-Mar-18 11.56 34.08
*31-Mar-19 20.77 43.32 69.55
  • Price to Earnings (P/E) ratio in relation to Price band of Rs.[●] to Rs.[●] per Equity Share
Particulars P/E ratio
Highest 40.44
Average 25.76
Lowest 31.06

Rossari Biotech Limited: Competitive Peers

Total Revenue (Rs. in million) Face Value (Rs.) P/E EPS (Basic) (Rs.) Return on Net Worth (%) NAV per share (Rs.)
Rossari Biotech Limited 5,171.24 2 [●] 9.44** 43.32% 31.61**
Listed Peers
Aarti Industries Limited 47,076 5 25.90* 60.39 18.11% 313.23
Vinati Organics Limited 11,581 2 35.48 54.97 26.87% 204.56
Atul Limited 39,472 10 27.75 144.51 16.18% 892.35
Galaxy Surfactants Limited 27,677 10 25.76 53.87 21.78% 247.28
Fine Organics Industries Limited 10,802 5 40.44 44.44 34.44% 129.02

Rossari Biotech IPO Lead Managers

Lead Managers
Axis Capital Limited
Tel: (+ 91 22) 4325 2183
E-mail:
Website: www.axiscapital.co.in
Investor grievance E-mail:
Contact person: Ms. Simran Gadh
SEBI Registration No.: INM000012029

ICICI Securities Limited
Maharashtra, India
Tel: (+91 22) 2288 2460
Email:
Website: www.icicisecurities.com
Investor Grievance E-mail:
Contact person: Mr. Arjun A. Mehrotra / Mr. Rupesh Khant
SEBI Registration No: INM000011179

Rossari Biotech IPO Registrar to Offer

Registrar to the Offer
Link Intime India Private Limited
C-101, 1st Floor, 247 Park
Lal Bahadur Shastri Marg, Vikhroli (West)
Mumbai 400 083, Maharashtra, India
Tel: (+91 22) 4918 6200
Email:
Website: www.linkintime.co.in
Contact Person: Ms. Shanti Gopalkrishnan
SEBI Registration No: INR000004058

Other Details:

  • Statutory Auditor – Axcelus Finserv Private Limited
  • Legal Counsel to the Company – Shardul Amarchand Mangaldas & Co
  • Bankers to the Company – [●]

Rossari Biotech IPO Review by Top 10 Stock Brokers

Top Stock Brokers Review Company Reputation Competitive Edge Financial Statement Popularity Index Promoters Reputation
Angel Broking 7.5/10 7.4/10 8.5/10 8.1/10 7.1/10
Sharekhan 7.2/10 7.1/10 8.6/10 8.1/10 7.2/10
Kotak Securities 7.3/10 7.5/10 8.4/10 8.1/10 7.3/10
ICICI Direct 7.3/10 7.3/10 8.7/10 8.1/10 7.1/10
IIFL 7.5/10 7.2/10 8.8/10 8.0/10 7.1/10
Edelweiss 7.5/10 7.4/10 8.4/10 8.3/10 7.2/10
Zerodha 7.4/10 7.1/10 8.5/10 8.1/10 7.0/10
5Paisa 7.1/10 7.1/10 8.4/10 8.1/10 7.1/10
Karvy 7.4/10 7.3/10 8.2/10 8.1/10 7.1/10
Motilal Oswal 7.1/10 7.1/10 8.6/10 8.3/10 7.2/10

Rossari Biotech IPO Grey Market Premium

The Rossari Biotech IPO Grey Market Premium price is Rs X, the Kostak rate is Rs X and the Subject to Sauda is X. 


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Rossari Biotech IPO News

News 1Rossari Biotech IPO  [Download RHP Prospectus]


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