Rossari First IPO to do Virtual Roadshow
Companies adopt Virtual Roadshows for Capital Raise
MUMBAI, July 10, 2020 /PRNewswire/ -- Rossari Biotech Ltd, which is doing a capital raise of Rs. 500 Crores is the first company to have a virtual press conference followed by an analysts & brokers Conference for announcing its IPO which opens for subscription on Monday, July 13, 2020. The virtual conference had over 1,000 registrations and was simultaneously broadcasted for investors.
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. The market volatility in the first quarter of the current fiscal also led to a host of companies postponing their capital raising programs. SEBI has extended its approvals of offer documents by a period of six months to accommodate companies who had already had their documents cleared.
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 capital raising is becoming the standard operating process. With a host of companies planning capital raises to bolster their reserves, and specifically Banks and NBFCs looking to increase their Capital Adequacy, virtual investor conferences and meetings are now the norm. The successful roadshows of Rossari Biotech Ltd., held in association with the BRLMs Axis Capital & ICICI Securities and its PR partner Concept Communication is an affirmation of the new way in which companies going public will manage their roadshows obliviating the need to travel extensively to meet investors both domestic and internationally.
"The Rossari webinar press meet was a unique experience - such an effective way to communicate the story to the media from the confines of your home/office and get access to the entire domestic and even international media audience. I think this will soon become the new norm in future- when we use technology to just enhance efficiency of every activity," said Salil Pitale, Axis Bank, Jt MD and Co CEO.
According to Vivek Suchanti, CMD, Concept Communication "With changing patterns in both direct communication and media consumption habits of the TG, the outreach strategy needs to adapt quickly to deliver a clear and concise communication with maximum impact at a minimum cost."
While appreciating Concept's initiative, Sunil Chari, Co-founder of Rossari Biotech, said, "Virtual IPO Roadshows will become the new post crisis standard, we are happy Rossari has been a first mover in this, the same reflects in our business activities too. From meeting Institutions to addressing media, analysts and brokers we have tactfully managed all this without the cumbersome travel schedules generally faced in done traditionally. The process and approach is the same, it's just that everything is digitally controlled and communicated."
About Rossari Biotech Limited
Founded in 2009, Rossari Biotech Limited is one of the leading specialty chemicals manufacturing companies in India based on sales for Fiscal 2019 (Source: F&S Report), providing customized solutions to specific industrial and production requirements of its 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.
The Company operates in India as well as in 17 foreign countries including Vietnam, Bangladesh and Mauritius. According to the F&S Report, as on September 30, 2019, 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. As a manufacturer of specialty chemicals, the Company focuses on functionality and application of their products which form a key ingredient to its customers' manufacturing and industrial processes.