Mumbai-based Rossari Biotech's IPO or initial public offer opened for subscription at 10 am on Monday. The Rossari IPO to raise more than Rs 494 crore was subscribed more than 4 per cent in early trade on Monday. Rossari Biotech is a manufacturer of specialty chemicals which provides customised solutions to cater to the industrial and production requirements of its customers through a diversified product portfolio. By 10:45 am on Monday, 3,47,655 bids were received for the total issue size of 81,73,530, marking a subscription of 4.25 per cent, according to data from the National Stock Exchange (NSE).
(Also Read: All You Need To Know About Rossari Biotech IPO)
The Rossari Biotech IPO will remain open for subscription till Wednesday, July 15. The public offer comprises a fresh issue of shares worth Rs 50 crore and an offer of sale (OFS) of 1.05 crore shares.
Rossari Biotech shares will be listed on stock exchanges NSE and BSE.
An issue price of Rs 423-Rs 425 is applicable for the Rossari Biotech IPO.
At the upper end of the price band, the offer for sale is estimated at Rs 446.25 crore.
Eligible investors can apply for Rossari Biotech shares under the initial public offer in lots of 35 shares.
Given the issue price range, one lot of Rossari shares will cost Rs 14,805-14,875.
The public offer comes after four months of inactivity in the country's IPO market. SBI Cards & Payment Services was the last company to have floated an IPO in March.