Rossari Biotech makes blockbuster stock market debut, zooms 77%

Shares of specialty chemicals manufacturing firm Rossari Biotech made a stellar debut at the bourses on Thursday, and closed nearly 77 percent higher against its issue price of Rs 425 per share.

During the day, the stock touched its highest trading permissible limit for the day on the BSE as well as NSE.

The stock listed at Rs 670, registering a gain of 57.64 percent from its issue price on the BSE. During the day, it jumped 89.17 percent to Rs 804 -- its upper circuit limit. It finally closed at Rs 742.35, up 74.67 percent.

On the NSE, it closed at Rs 752, a gain of 76.94 percent. During the day, it jumped 88.96 percent to Rs 803.10

The company's market valuation stood at Rs 3,854.98 crore on the BSE.

In terms of volume, 30.27 lakh shares were traded on the BSE during the day, while 3.57 crore shares changed hands on the NSE.

The Rs 496-crore IPO of Rossari Biotech was subscribed a whopping 79.37 times. The price range for the offer was fixed at Rs 423-425 per share.

Rossari Biotech's initial share-sale ended four months of inactivity in the IPO market. The offer was managed by Axis Capital and ICICI Securities.

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.