Latest News | BIZ-IPO-ROSSARI Rossari Biotech IPO Subscribed 2.97 Times on Second Day of Bidding
Get latest articles and stories on Latest News at LatestLY. The initial public offering of Rossari Biotech was subscribed 2.97 times on the second day of bidding on Tuesday.
New Delhi, Jul 14 (PTI) The initial public offering of Rossari Biotech was subscribed 2.97 times on the second day of bidding on Tuesday.
The IPO to raise about Rs 496 crore received bids for 2,42,70,750 shares against the total issue size of 81,73,530 shares, according to the NSE data.
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The portion reserved for qualified institutional buyers (QIB) was subscribed 2.75 times, non- institutional investors 4.34 times, and retail individual investors 2.51 times.
The initial public offering (IPO) comprises a fresh issue of shares worth Rs 50 crore and an offer-for-sale of 1,05,00,000 equity shares including anchor portion of 35,02,940 equity shares.
Price range for Rossari Biotech IPO has been fixed at Rs 423-425 per share. At the upper end of price band, the IPO size is about Rs 496 crore.
The company has raised Rs 149 crore from anchor investors.
Rossari Biotech's initial share-sale has ended four months of inactivity in the IPO markets.
SBI Cards & Payment Services was the last company to float IPO in March.
Net proceeds from the issue will be utilized for funding working capital requirements, repaying certain debt availed by the company and for general corporate purposes.
The equity shares will be listed on both NSE and BSE.
The company, which filed its draft papers with Sebi in December 2019, received clearance from the regulator in February to launch the IPO.
Rossari Biotech is a specialty chemicals manufacturing firm with focus on home and personal care, performance chemicals, textile specialty chemicals and animal health and nutrition products.
Axis Capital and ICICI Securities are the managers to the offer.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)