Rossari Biotech shares surge about 65% on market debut

Published On: Thursday, July 23, 2020 | By: Team KnowMyStock

Shares of Rossari Biotech made a strong debut by listing at Rs 670, a 58 per cent against its issue price of Rs 425 per share on the BSE on Thursday and rallied 64 per cent to hit a high of Rs 698 on the exchange. The company's nearly Rs 500-crore maiden offer was subscribed 79 times on the final day of bidding, according to data available on the exchanges. Its promoter shareholding has now fallen to 73% from 95%. 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. Rossari Biotech had raised ₹149 crores from anchor investors. Rossari is among the largest manufacturers of textile speciality chemicals in India. It also manufactures acrylic polymers. The company offers three main product categories -- namely home, personal care and performance chemicals; textile speciality chemicals and animal health & nutrition products.

Source: Money Control, Business India, Economic Times

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