Bombay Stock Exchange (BSE)
Bombay Stock Exchange (BSE)

Shares of specialty chemicals manufacturing firm Rossari Biotech made a stellar debut on the bourses on Thursday, and closed nearly 77 per cent higher against its issue price of Rs 425 per share.

The stock touched its highest trading permissible limit for the day on the BSE as well as NSE.

The stock listed at Rs 670, registering a gain of 57.64 per cent on its issue price on the BSE. During the day, it jumped 89.17 per cent to Rs 804 -- its upper circuit limit. It finally closed at Rs 742.35, up 74.67 per cent.

On the NSE, it closed at Rs 752, a gain of 76.94 per cent. During the day, it jumped 88.96 per cent to Rs 803.10 The company's market valuation stood at Rs 3,854.98 crore on the BSE.

In terms of volume, 30.27 lakh shares were traded on the BSE during the day, while 3.57 crore shares changed hands on the NSE.

"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 CEO Ashishkumar Chauhan CEO said on the listing.

Rossari Biotech Executive Chairman Edward Menezes said, "We also stand firmly in our resolve and look forward to work towards optimum utilisation of fund for repayment of debts, funding working capital requirements and general corporate purposes." The Rs 496-crore IPO of Rossari Biotech was subscribed a whopping 79.37 times. The price range for the offer was fixed at Rs 423-425 per share.

Rossari Biotech's initial share-sale ended four months of inactivity in the IPO market. The offer was managed by Axis Capital and ICICI Securities.

The company manufactures specialty chemicals, with a focus on home and personal care, performance chemicals, textile specialty chemicals and animal health and nutrition products.

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Free Press Journal