Rossari Biotech’s IPO or initial public offer concluded on Wednesday with a subscription of more than 79 times. Subscription to Mumbai-based specialty chemicals maker Rossari’s IPO had begun on Monday, July 13. By 5 pm on Wednesday, Rossari Biotech’s IPO to raise more than Rs 494 crore had received 64.87 crore bids against the total issue size of 81.74 lakh shares, marking a subscription of 79.37 per cent, data from the National Stock Exchange (NSE) showed. Rossari Biotech shares will be listed on stock exchanges NSE and BSE next week.
While 50 per cent of the Rossari public offer was reserved for qualified institutional buyers, 15 per cent was meant for non-institutional investors, and the remaining 35 per cent for retail investors. The IPO had concluded the first and second days with a subscription of 43.39 per cent (35.44 lakh bids) and 2.97 times (2.43 crore bids) respectively.
Rossari Biotech’s IPO is the first to hit the country’s capital markets since the public offer of SBI Cards & Payment Services in March. The IPO of SBI Cards, the credit card arm of the country’s largest lender State Bank of India, was subscribed more than 22 times.
Rossari Biotech has diversified into animal health and nutrition, home, personal care and performance chemicals markets. It is the largest manufacturer of textile specialty chemicals in India providing textile specialty chemicals in a sustainable, eco-friendly yet competitive manner, according to HDFC Securities.
Rossari Biotech provides customised solutions to cater to the industrial and production requirements of its customers through a diversified product portfolio, according to its website.