Speciality Chemicals manufacturer Rossari Biotech’s IPO of Rs.496 crore which was oversubscribed
ROSSARI BIOTECH – Stock price hits Upper circuit of 20% during intraday trades on DAY 1
Chennai, July 23, 2020 : Speciality Chemicals manufacturer Rossari Biotech’s IPO of Rs.496 crore which was oversubscribed about 80 times had a blockbuster Listing on DAY 1. On listing day the share price discovered in the pre-market opening session was Rs. 669, a premium of 57% over the offer price of Rs. 425.The share hit the upper circuit during intraday trades on both the BSE (Rs.804) & NSE (Rs.803.1), a 20% circuit to the discovered price.The stock closed around Rs.742 on both the BSE & NSE, a 75% gain to the offer price of Rs.425 rewarding investors on Day 1.
The Market Capitalization of the Company post today’s closing price stand at Rs.3,850 crores.
Founded in 2009 by technocrat entrepreneurs Mr.Edward Menezes & Mr.Sunil Chari Rossari Biotech is a leading speciality chemical manufacturer catering to the to the FMCG sector, Apparel industry, poultry and animal feed industry.
Speaking on this momentous occasion – Mr. Sunil Chari, Managing Director, Rossari Biotech Limited said “We are truly overwhelmed and humbled to have witnessed such a strong opening of the Company’s stock at BSE after oversubscription of almost 79.37 times, considering it was the first IPO to have been launch in these pandemic times and turbulent market conditions.
Adding to the stocks overwhelming listing on the bourses – Mr. Edward Menezes, Executive Chairman, Rossari Biotech said, “We thank the investors for expressing their confidence in us. We also stand firmly in our resolve and look forward to work towards optimum utilization of fund for repayment of debts, funding working capital requirements and general corporate purposes. We are grateful to our partners, customers and investors who have been a part of our journey, with us,”
Additionally, Ashishkumar Chauhan CEO BSE stated, “We are delighted to welcome Rossari Biotech to the BSE family. It has been a long hiatus in IPO for many months since COVID epidemic started. Rossari Biotech’s success in retail, HNI and institutional segments brings a good omen and shows tremendous appetite for good quality equity paper in Indian markets. BSE has been raising funds for corporates by way of bonds, commercial papers, sme, start up and raising rights issues during the Covid period. In the financial year 2020-21, from April 1,2002 till date, BSE has helped India Inc raise more than Rs 4.05 lakh crores.
