In these challenging times, when the majority of textile companies are struggling to survive, few are aggressively moving ahead.
Mumbai-based Rossari Biotech, known for the manufacturing of textile and speciality chemicals, has come up with its initial public offering (IPO). The Rs. 496 crore IPO got fully subscribed on the second day of the bidding process.
As per Sunil Chari, MD, Rossari Biotech, this is defining moment for the company. “We are humbled to have one of the fastest subscribed IPOs in history with retail subscriptions, the first during coronavirus outbreak and the first-ever completely virtual IPO. This is just a few amongst many more records we may break as we continue on our journey to create history,” he said in one of his posts on social media.
Experts feel that the chemical giant is expected to see strong growth in the coming years following the full commencement of the Dahej unit.
Even on the sectoral front, robust growth in user industries in India will support growth while emerging opportunities in exports led by clampdown in China and outsourcing opportunities from Western countries are expected to benefit companies.
The company has a manufacturing unit located at Silvassa, Dadra & Nagar Haveli with an installed capacity of 100,000 MTPA (million tonnes per annum).
Besides, it is also setting up a manufacturing plant at Dahej in Gujarat with an installed capacity of 132,500 MTPA.