The grey market for Rossari Biotech was already hinting at a strong listing and the IPO did not disappoint when it listed on 23 July on the NSE and the BSE. Against the issue price of Rs.425, the stock listed at Rs.670, a listing gain of nearly 58% on the stock. That was hardly surprising considering that the IPO was oversubscribed by 79 times with robust demand coming from retail, HNIs and from institutions.

However, post listing the stock has been fairly rangebound in the first one hour. It touched an intraday low of Rs.668 and a high of Rs.698 before settling to trade very close to the listing price at around Rs.673. At the issue price of Rs.425, the stock was already priced at 33 times FY20 EPS. This premium listing takes the valuation closer to 50 times FY20 EPS. Nearly 90% of the company's revenues comes from specialty chemicals with the balance 10% from animal healthcare.