Tatva Chintan Pharma Chem IPO: Retail quota subscribed over 33 times so far on Day 2
Quota reserved for qualified institutional buyers was subscribed 2.25 times, while non-institutional investors' category got 14.12 times subscription
The initial public offering by Tatva Chintan Pharma Chem has been subscribed more than 13 times on the second day offer till 4.05 pm (IST). The public offer has received bids for 4,43,31,378 shares so far against 32,61,882 shares offered by the company. The quota reserved for qualified institutional buyers was subscribed 2.25 times, while the non-institutional investors’ category received 14.12 times subscription. The portion reserved for retail individual investors subscribed more than 33 times so far.
The initial public offer aggregating up to Rs 500 crore comprises a fresh issue of up to Rs 225 crore and an offer for sale of up to Rs 275 crore. The ongoing public offer will conclude on July 20, Tuesday. The company has fixed a price band of Rs 1,073-1,083 per share.
ICICI Securities and JM Financial are the books running lead managers to the offer. Shares of the company will be listed on NSE and BSE.
The company last week garnered Rs 150 crore from anchor investors. Tatva Chintan Pharma Chem is a specialty chemical manufacturing company. The company export most of its products to over 25 countries, including the US, China, Germany, Japan, South Africa, and the UK.
The company aims to utilise the proceeds for 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.
Tatva Chintan reported a profit of Rs 52.26 crore for the year ended March 31 as against Rs 37.78 crore in the same period last year. It reported a revenue of Rs 300.35 crore against Rs 263.23 crore.