Stocks

Rossari Biotech has a blockbuster debut, lists with 58% gain

Our Bureau Chennai | Updated on July 23, 2020 Published on July 23, 2020

Shares of Rossari Biotech on Thursday listed with 57.64 per cent gains on the BSE. The stock continues to rule at the opening price Rs 670, as against the IPO price of Rs 425. The stock will be listed under 'Rossari' symbol on the BSE and the NSE. On the NSE, it rules at Rs 669.25. At these stock prices, the company commands a market cap of Rs 3.47-lakh crore.

The pubic issue of the specialty chemical manufacturer was subscribed 79 times, thanks to large participation from qualified institutional buyers (85 times), high net worth individuals (240 times) and retail investors (7.23 times). The price band for the issue was fixed at Rs 423-425 per share.

The Rossari Biotech issue has revived the IPO market after four quiet months due to the coronavirus outbreak. It is only the second public issue in 2020— after SBI Cards & Payments.

Ahead of the IPO, the company had raised Rs 148.87 crore from anchor investors by allotting 35.02 lakh shares to 15 institutional investors at Rs 425 a share.

Among these investors were Abu Dhabi Investment Authority, Axis Mutual Fund, Mirae Asset Mutual Fund, Goldman Sachs, HFDC Mutual Fund, and SBI Mutual Fund.

The company provides customised solutions to industrial and production requirements of customers through its diversified product portfolio, which includes textiles, animal health and nutrition, home, personal care and performance chemicals markets.

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Published on July 23, 2020
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