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Tatva Chintan IPO subscribed 180 times

Our Bureau Chennai | Updated on July 20, 2021

The company had raised ₹150 crore from anchor investors ahead of the issue

The initial public offering of Tatva Chintan Pharma Chem was subscribed 180.35 times. While the portion reserved for retail investors was subscribed 35.34 times, non-institutional investors quota received bids worth 512.22 times. The qualified institutional buyers’ portion received bids worth 185.23 times.

The company had raised ₹150 crore from anchor investors ahead of the issue.

The IPO consists of fresh issue worth ₹225 crore and an offer for sale of shares worth ₹275 crore by the promoter group. Tatva IPO price band has been fixed at ₹1,073-1,083 a share.

The IPO has received bids for about 58.83 crore shares against 32.62 lakh shares on offer, as per data available with the BSE. It may be recalled that the IPO was fully covered within hours of opening on Friday.

Eight cos score hundred

The IPO was the second most successful one in 2021 in terms of over-subscription after MTAR Technologies, which saw its issue getting subscribed a little over 200 times. Of the 27 firms that hit the capital market successfully this year, public issues of eight companies got subscribed over 100 times.

The Gujarat-based specialty chemical manufacturing company exports most of its products to over 25 countries, including the US, China, Germany, Japan, South Africa, and the UK.

Proceeds from the fresh issue would be used towards funding capital expenditure requirements for expansion of the company’s Dahej manufacturing facility, up-gradation of a research and development facility in Vadodara, and general corporate purposes, the company said in its draft prospectus.

 

Published on July 20, 2021

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