Share of Rossari Biotech listed with a gain of over 57% on BSE signaling a positive mood for the listing of other firms as COVID-19 keeps markets volatile. Rossari Biotech share rose 57.65% or Rs 245 to Rs 670 against issue price of Rs 425 on BSE.
Market cap of the firm rose to Rs 3,479 crore. Total 1.33 lakh shares changed hands amounting to turnover of Rs 8.89 crore on BSE. Later, Rossari Biotech share price rose up to Rs 698.35, a gain of 64.31% over issue price on BSE.
The initial public offering (IPO) of Mumbai-based speciality chemicals maker Rossari Biotech was subscribed over 79 times on the last day of bidding on July 15. The firm aimed to raise Rs 500 crore through the IPO. It received bids for 64,87,33,645 shares against the total issue size of 81,73,530 shares, NSE data show. Shares were available for bidding in a lot of 35 during the IPO.
Bids for the IPO were invited within price band of Rs 423 to Rs 425 per equity share. The company raised Rs 149 crore from anchor investors.
The IPO comprised fresh issue of shares to the tune of Rs 150 crore and sale of more than 1 crore equity shares by the company's promoters through offer-for-sale route.
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. The firm has presence in 17 foreign countries including Vietnam, Bangladesh and Mauritius.
Its main product categories include; (a) Home, personal and performance chemicals, (b) textile specialty chemicals and (c) animal health and nutritional products.