Rossari Biotech's IPO was oversubscribed on the second day of issue on Tuesday. Data from the National Stock Exchange (NSE) showed 2.43 crore bids were received for Rossari Biotech shares under the IPO at the end of the second day of issue, marking a subscription of 2.97 times. The Rossari IPO will open for its final day of subscription on Wednesday, July 15. Eligible investors can apply for Rossari Biotech shares between 10 am and 5 pm on Wednesday. (Also Read: All You Need To Know Before Applying For Rossari Biotech IPO)
Here are key things to know about the Rossari Biotech IPO:
Rossari Biotech's initial public offer is the first to hit the domestic capital markets since that of State Bank of India's credit card arm, SBI Cards & Payment Services, in March which saw subscription of more than 22 times.
Investors can apply for the Rossari Biotech stock under the public offer in the price band of Rs 423-Rs 425. One lot, of 35 shares, costs Rs 14,805-14,875.
Once the IPO concludes on Wednesday, Rossari Biotech shares will be listed on stock exchanges NSE and BSE.
Rossari Biotech is a Mumba-headquartered manufacturer of specialty chemicals which has diversified into animal health and nutrition, home, personal care and performance chemicals markets. Rossari provides customised solutions to cater to the industrial and production requirements of its customers through a diversified product portfolio, according to its website.
Should you invest in Rossari Biotech?
Brokerage Emkay has a "subscribe" call on the Rossari IPO. "The new capacity expansion at Dahej should strengthen its portfolio in the high-growth HPPC (home, personal care and performance chemicals) segment to serve its wide customer base," Emkay said in a note.
"Customised product offering, fungible capacities and rapid finished product conversion rate remain the key differentiators for the company. At the upper price band of Rs425, the stock is available at 33x FY20 earnings," it added.