Tatva Chintan Pharma Chem’s IPO was subscribed 180.35 times. While the portion reserved for retail investors was subscribed 35.34 times, the quota for non-institutional investors received offers worth 512.22 times. The share of qualified institutional buyers received offers worth 185.23 times.
The company had raised 150 crore from key investors prior to the issuance.
The IPO consists of a new issue valued at 225 crore and an offer to sell shares valued at 275 crore by the promoter group. The price range for Tatva’s IPO was set at 1,073 to 1,083 per share.
The IPO received offers for around 58.83 crore shares against 32.62 lakh shares on offer, according to data available from the ESB. Recall that the IPO was fully hedged within hours of opening Friday.
Eight cos marks a hundred
The IPO was the second most successful in 2021 in terms of oversubscription after MTAR Technologies, which saw its issue underwritten just over 200 times. Of the 27 companies that successfully entered the capital market this year, the public issues of eight companies have been underwritten more than 100 times.
The Gujarat-based specialty chemicals manufacturing company exports most of its products to more than 25 countries including the United States, China, Germany, Japan, South Africa, and the United Kingdom .
Proceeds from the new issue would be used to fund capital expenditures necessary for the expansion of the company’s Dahej manufacturing plant, the modernization of a research and development facility in Vadodara, and the overall objectives of the company. company, the company said in its draft prospectus.