Stocks

Tatva closes listing day with 113% gains

Our Bureau Mumbai | Updated on July 29, 2021

While 78.6 lakh shares were traded on the NSE, a volume of almost 9 lakh shares were traded on the BSE

Shares of Tatva Chintan Pharma Chem also made waves at the bourses on listing day with over 100 per cent gains. After listing with 95 per cent gain at ₹2,111.80 on the BSE, the stock rose further to a high of ₹2,486.30. Tatva, however, closed the day at ₹2,310.25 on the BSE, recording 113.32 per cent gains, up ₹1,227.25 against its issue price of ₹1,082. On the NSE, it closed at ₹2,303.30.

While 78.6 lakh shares were traded on the NSE, the counter saw a volume of almost 9 lakh shares on the BSE.

The initial public offering of Tatva Chintan Pharma Chem was the second-highest subscribed IPO at 180.35 times behind MTAR Technologies that saw over 200 times.

While the portion reserved for retail investors was subscribed 35.34 times, the non-institutional investors’ quota received bids worth 512.22 times. The qualified institutional buyers’ portion received bids worth 185.23 times.

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

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

The Gujarat-based company is a niche global player in specialty chemicals. The speciality chemical manufacturing company exports most of its products to over 25 countries, including the US, China, Germany, Japan, South Africa, and the UK.

Published on July 29, 2021

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