Tatva Chintan Pharma Chem shares had been in very excessive demand within the ongoing share sale through preliminary public providing (IPO) as the difficulty was subscribed over eight instances by 11:40 am on the second day of the difficulty, information from inventory exchanges confirmed. Tatva Chintan IPO obtained over 2.71 crore bids for 32.61 lakh shares on the supply, NSE information confirmed. Greater than 1.83 crore bids had been obtained on the minimize off worth.
Retail buyers had been seen bidding for Tatva Chintan shares in massive numbers because the portion reserved for them was subscribed 7.75 instances. Portion reserved for non-institutional buyers was additionally subscribed 1.5 instances whereas portion reserved for certified institutional consumers was subscribed 0.5 instances.
Tatva Chintan Pharma’s IPO is the fourth specialty chemical firm to go public this yr after Anupam Rasayan India, Clear Science & Expertise and Laxmi Natural Industries.
Tatva Chintan Pharma’s Rs 500 crore IPO is a proposal on the market price Rs 225 crore from current shareholders and promoters and contemporary situation of Rs 225 crore. The corporate is promoting shares within the worth band of Rs 1,073-1,083 per share.
Retail buyers can apply for a minimal one lot of 13 shares and in multiples thereof, extending upto 14 tons.
Tatva Chintan will utilise the IPO proceeds to fund its capital expenditure necessities, increase its Dahej manufacturing facility and improve the R&D facility in Vadodara, and for normal company functions.
Tatva Chintan Pharma is a specialty chemical manufacturing firm positioned in Vadodara. It exports merchandise to greater than 25 nations, together with the USA, China, Germany, Japan, South Africa and United Kingdom.
ICICI Securities and JM Monetary are the e book operating lead managers to the difficulty, whereas Hyperlink Intime India is the registrar to the difficulty.