Rossari Biotech IPO off to good start, subscribed nearly 60% on first day

Market players said the initial response to the IPO was encouraging. Rossari is the first IPO to hit the domestic markets since early-March

Rossari Biotech’s initial public offering (IPO) was subscribed nearly 60 per cent on Monday, the first day of the issue. 

The 8.17-million share offering has so far received bids for 4.9 million shares, stock exchange data showed. The institutional investor portion of the IPO has been subscribed 41 per cent, the wealthy investor portion has received 11 per cent subscription, while the retail investor portion has been covered 92 per cent. The specialty chemicals company on Friday had allotted shares worth nearly Rs 150 crore to anchor investors.

Market players said the initial response to the IPO is encouraging. Rossari is the first IPO to hit the domestic markets since early-March.

The pandemic and subsequent lockdowns have forced many firms to hold back their IPO plans despite clearances. Rossari had intended to launch its IPO in March, however, decide to postpone the plan.