Rossari Biotech IPO subscribed 3.5 times on final day

The price band for the IPO was fixed between Rs423-425 per share

Jul 15, 2020 01:07 IST India Infoline News Service

Initial Public Offer, IPO
The speciality chemical manufacturer Rossari Biotech IPO was subscribed 3.5 times on the last day of bidding.

The IPO has received bids for 2,86,22,335 equity shares against the issue size of 81,73,530 equity shares (excluding anchor book), the data available on the exchanges showed.

The price band for the IPO was fixed between Rs423-425 per share. On July 10, the company raised Rs148.87cr from marquee anchor investors i.e Abu Dhabi Investment Authority, Malabar India Fund, Ashoka India Opportunities fund besides large domestic mutual fund houses like HDFCMF, ICICIMF, SBIMF, SUNDARAMMF and AXIS MF under various or individual schemes

Collectively brokerage houses such as Anand Rathi, Angel Broking, BP Equities, Choice Broking, Motilal Oswal, Ventura Securities, Narolia Financial Advisors, Emkay Global, Mehta Equities, GEPL Capital, Sunidhi Securities, Nirmal Bang as well as investor savy platforms like Chittogarh.com and Capitalmarkets.com have given a "subscribe" rating to the issue with a long term objective in mind, citing there is proof of concept and considering its inorganic and organic growth opportunities, R&D capabilities, post IPO debt free status and a strong demand for existing product lines.

Axis Capital Limited and ICICI Securities Limited have been appointed as the book running lead managers to the Offer.

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