Rossari Biotech IPO huge hit among investors, subscribed about 79 times on final day of bidding
The initial public offer (IPO) of specialty chemicals manufacturing firm Rossari Biotech was subscribed a whopping 79.37 times on the last day of bidding on Wednesday.
The Rs 496-crore IPO received bids for 64,87,33,645 shares against the total issue size of 81,73,530 shares, according to data available with the NSE.
The category reserved for qualified institutional buyers (QIBs) was subscribed 85.26 times, non-institutional investors 239.83 times, while retail portion was subscribed 7.23 times, according to merchant banking sources.
On second day of its bidding, it was subscribed about 3 times.
Price range for Rossari Biotech IPO has been fixed at Rs 423-425 per share. Read more
Market Watch: Siddharth Bothra, senior vice president – fund manager at Motilal Oswal Asset Management Company
I am particularly positive on their retail side because they are one of the largest players on the retail side. Unlike most of the other retail players, they would be in a position to do the entire omni-channel kind of a service where they are on the physical side as well as on the e-Commerce side. So it looks like very interesting story. From that perspective, it continues to look very attractive.
It has been a big surprise both on the margins side plus the guidance that Infosys has given. IT seems to be emerging as one of the key beneficiary – indirect beneficiary – out of this crisis because as every crisis creates some opportunities also – clearly the IT sector seems to be big beneficiaries out of this.
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