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Rossari Biotech shares surge about 65% on market debut

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Shares of specialty chemicals manufacturing firm Rossari Biotech today made a strong debut on stock exchanges. On BSE, Rossari Biotech shares listed at 670 on BSE, surging 60% as compared to issue price of 425 per share. Later, Rossari Biotech shares surged to 699 on day’s high. The 496-crore IPO of Rossari Biotech was subscribed a whopping 79.37 times. The price range for the offer was fixed at 423-425 per share.

In comparison, the Sensex was flat in early noon trade.

The 496-crore 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 retail portion was subscribed 7.23 times.

Rossari Biotech’s initial share-sale ended four months of inactivity in the IPO market. The offer was managed by Axis Capital and ICICI Securities. SBI Cards & Payment Services was the last company to float an IPO in March.

Neogen Chemicals was the last specialty chemicals IPO to come to market in April 2019.

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

Rossari Biotech had raised 149 crore from anchor investors.

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

 

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