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Shares of life sciences company Tarsons Products on Friday settled with a premium of nearly 27 per cent in its debut trade against the issue price of ₹662.
The stock listed at Rs 700, a gain of 5.74 per cent against the issue price on BSE. It further jumped 26.88 per cent to close at ₹840.
On NSE, it listed with a premium of 3.02 per cent at ₹682. It jumped 23.62 per cent to close at ₹818.40.
In volume terms, 26.30 lakh shares were traded on BSE and over 1.34 crore on NSE. The initial public offer of Tarsons Products Limited received 77.49 times subscription earlier this month.
The ₹1,023.84-crore IPO had a price range of ₹635-662 per share.
Our Bureau adds: The ₹1,024-crore initial public offering of the company consisted of fresh equity shares worth ₹150 crore and an offer for sale of 1.32 crore shares aggregating to ₹873.47 crore by existing shareholders.
The portion set aside for retail investors had been subscribed 10.56 times and that of non-institutional investors was subscribed 184.58 times. Even, employee's quota has fully subscribed and the portion for qualified institutional buyers subscribed 115.77 times.
The labware supplier to the life sciences sector reserved 60,000 equity shares for its employees who will get these shares at a discount of ₹61 a share to the final offer price.
Anchor investors
Ahead of the issue, the company raised ₹306 crore from anchor investors, who included Government of Singapore, Abu Dhabi Investment Authority, ICICI Prudential Smallcap Fund , Mirae Asset Healthcare Fund and Aditya Birla MF are some of the funds who applied in the anchor category.
The funds raised through the IPO will be utilised for repayment or prepayment of full or partial borrowings of up to ₹78.54 crore, to fund the capital expenditure for a new manufacturing facility at Panchla, West Be₹ngal, and also for general corporate purposes.
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