You can actually call it a tale of two IPOs because one got a tremendous response while the other hardly scraped through. Rossari IPO was open for first 3 days of the week and Yes Bank FPO for the last 3 days. However, the IPO response was diametrically opposite with Rossari IPO oversubscribed 79 times and Yes Bank FPO not even gettnig subscribed 100%.

That was also more because the QIBs bailed out the Yes Bank FPO out with 1.9X demand. Retail and HNI were around 0.40X. It can be partially attributed to the IPO Catch 22. Normally, it is the HNI portion that leads the oversubscription. But HNI portion is largely driven by funding applications. There comes the catch.

Banks will be happy to fund an IPO only if the oversubscription is big as that is when they make money. The Rs.15,000 crore FPO was going to find it hard to get fully taken That meant, limited funding options. The FPO was priced at a huge discount to the market price and that worked as a dampener making Rossari the clear choice for most investors.