Rossari Biotech listing: Shares surge about 60%, stock debuts at Rs 670 per share

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The share of Rossari Biotech rose with a gain of 60% to ₹675, as compared to issue price of ₹425 per share. 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.

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 utilised for funding working capital requirements, repaying certain debt availed by the company and for general corporate purposes.

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