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Rossari Biotech to report first earnings after listing, share rises 4.5%

Share price of Rossari Biotech rose up to 4.5% to Rs 804 against the previous close of Rs 763.90 on BSE. The share opened Rs 6 higher at Rs 775 today

twitter-logoBusinessToday.In | August 21, 2020 | Updated 11:03 IST
Rossari Biotech to report first earnings after listing, share rises 4.5%
Rossari Biotech share rose 57.65% or Rs 245 to Rs 670 against issue price of Rs 425 on July 23

Rossari Biotech share was trading higher ahead of the firm's first set of earnings today after listing on bourses.  Share price of Rossari Biotech rose up to 4.5% to Rs 804 against the previous close of Rs 763.90 on BSE. The share opened Rs 6 higher at Rs 775 today.

Total 0.53 lakh shares changed hands amounting to turnover of Rs 4.17 crore.

On July 23, stock of Rossari Biotech listed with a gain of over 57% on BSE. Rossari Biotech share rose 57.65% or Rs 245 to Rs 670 against issue price of Rs 425 on BSE.

On NSE, the share gained up to 66.11% over issue price, rising to Rs 706. Earlier, share of Rossari Biotech made its debut at Rs 669.25 climbing 57.46% above issue price of Rs 425.

The IPO was held from July 13 to July 15.  It was launched after a lull of four months as COVID-19 affected sentiment on Dalal Street. On March 2, SBI Cards and Payment Services floated its IPO which saw weak response amid a volatile market.

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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 initial public offering (IPO) of Mumbai-based speciality chemicals maker was subscribed over 79 times on the last day of bidding. The firm set target of raising 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.

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