In its debut, Rossari Biotech made a stellar listing with gains of 58%to the issue price at Rs. 670 per share.
To its Rs. 496 crore IPO offer, the company received strong subscription. The company is the first to list on the bourses during the lockdown after a nearly 4-month hiatus in the primary market.
The public issue comprised of a fresh issue of Rs 50 crore and an offer for sale of 1.05 crore equity shares by promoters, closed with a massive 79.37 times subscription on July 15, with overwhelming response from all investor class.
The grey market premium is around Rs 160-175 per share, sources told Moneycontrol.
Mumbai based specialty chemicals company caters to customers in the primarily in the FMCG, apparel, poultry and animal feed industries. The demand surge for home, personal care and performance chemicals segment given the spike in demand for sanitizers, disinfectants and handwashes augur well for the company, said Akash Jain of Ajcon Global.
Rossari Biotech is likely to start the first day with 30-40 percent premium over its issue price of Rs 425 per share.