Rossari Biotech IPO subscribed nearly 3 times on second day

The initial public offering (IPO) of Rossari Biotech was subscribed 2.97 times on the second day of bidding on Tuesday. The IPO received bids for 2,42,70,750 shares against the total issue size of 81,73,530 shares, show NSE data. While qualified institutional buyers (QIB) put in bids for 2.75 times the portion allocated for them, non- institutional investors bid for 4.34 times. Retail individual investors subscribed for 2.51 times portion allocated for them.

The company raised Rs 149 crore from anchor investors. The IPO was subscribed nearly 60 per cent on the first day of bidding on Monday.

Today is the last day for investors to apply in the share sale of the Mumbai-based speciality chemicals maker. The firm plans to raise to raise Rs 500 crore through the share sale. The IPO comprises fresh issue of shares to the tune of Rs 150 crore and sale of more than 1 crore equity shares by the company's promoters through offer-for-sale route.

Rossari Biotech IPO in progress: Should you subscribe to the issue?

The issue size is expected at around Rs 494-Rs 496 crore. The face value of each share is Rs 2. Company's market capitalisation is pegged at Rs 2,207 crore.

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.

Rossari Biotech IPO subscribed 60% on Day 1

By Aseem Thapliyal