Rossari Biotech makes stunning debut

Shares of Rossari Biotech were trading at Rs 684 at 10:07 IST on BSE, a premium of 60.94% over the initial public offer price of Rs 425.

The stock debuted at Rs 670, a premium of 57.65% to the initial public offer (IPO) price. So far the stock hit a high of Rs 698.35 and low of Rs 669.70. On the BSE, 6.82 lakh shares were traded on the counter so far while on the NSE, 78.53 lakh shares were traded so far.

The IPO of Rossari Biotech was subscribed 79.37 times. The issue opened for bidding on 13 July 2020 and closed on 15 July 2020.

The qualified institutional buyers (QIBs) category was subscribed 85.26 times. The non-institutional investors category was subscribed 239.83 times. The retail individual investors (RIIs) category was subscribed 7.23 times.

The issue price was set at the top end of the Rs 423-425 per share IPO price band. The net proceeds from the issue will be utilised in repaying debt, funding working capital requirements and general corporate purposes.

On a consolidated basis, Rossari Biotech generated total income of Rs 603.81 crore and a net profit of Rs 65.25 crore in fiscal 2020.

Rossari Biotech is a specialty chemicals manufacturing company. Its business is organized in three main product categories: home, personal care and performance chemicals; textile specialty chemicals; and animal health and nutrition products. It operates in India as well as in 17 foreign countries including Vietnam, Bangladesh and Mauritius.

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