Rossari Biotech Gains 65% On First Day On The Stock Exchanges

On Thursday, shares of speciality chemicals manufacturing firm Rossari Biotech made a strong debut on the stock exchanges. It was listed 60 percent higher at Rs 670 per shares, which is at a 60 percent premium when compared to its issue price of Rs 425 per share.

On the first day of listing, the stock has gained over 65 percent to an intraday high of Rs 706.15.

The Rs 496-crore IPO (initial price offering) of Rossari Biotech was subscribed a whopping 79.37 times. The price range for the offer which was open between 13 to 15 July was fixed at Rs 423-425 per share.

The IPO received bids for 64,87,33,645 shares against the total issue size of 81,73,530 shares, according to data available with the NSE.

The category reserved for qualified institutional buyers (QIBs) was subscribed 85.26 times, non-institutional investors 239.83 times, while the retail portion was subscribed 7.23 times.

It had raised Rs 149 crore from anchor investors.

Rossari Biotech is a specialty chemicals manufacturing firm with a focus on home and personal care, performance chemicals, textile specialty chemicals and animal health and nutrition products.

Net proceeds from the issue will be utilised for funding working capital requirements, repaying certain debt availed by the company and for general corporate purposes.