Rossari Biotech’s first IPO to be promoted through Virtual Road show
11 July 2020: With the current restrictions due to rising cases of the Coronavirus, the lockdown of certain areas and containment zones, non-operation of public transport and travel restrictions, social distancing norms, Virtual Roadshows for raising Capital is becoming a New Normal.
First in the queue is Rossari Biotech Ltd, one of the leading specialty chemicals manufacturing companies in India. The company is planning to raise capital of Rs. 500 Crores. The company is claimed to be the first company to hold a Virtual Press Conference followed by an Analysts and Brokers Conference for announcing its IPO. The IPO opens for subscription on July 13, 2020. The virtual conference had over 1,000 registrations and was simultaneously broadcasted for investors.
Rossari Biotech Limited is the largest manufacturer of textile specialty chemicals in India providing textile specialty chemicals in a sustainable, eco-friendly yet competitive manner. The Company operates in India as well as in 17 foreign countries including Vietnam, Bangladesh and Mauritius.
This is the first IPO to hit the Indian capital markets after a hiatus of four months. Activity in the capital markets came to a grinding halt during the lockdown period due to the COVID-19 outbreak.
Sunil Chari, Co-founder of Rossari Biotech, said, “From meeting Institutions to addressing media, analysts and brokers we have tactfully managed all this without the cumbersome travel schedules generally done traditionally.”