Tatva Chintan Pharma Chem Shares In High Demand, IPO Subscribed Over 8 Times

Tatva Chintan IPO: Retail investors were seen bidding for Tatva Chintan shares in large numbers as the portion reserved for them was subscribed 7.75 times.

Tatva Chintan Pharma Chem Shares In High Demand, IPO Subscribed Over 8 Times

Tatva Chintan IPO: The Company is selling shares in the price band of Rs 1,073-1,083 per share.

Tatva Chintan Pharma Chem shares were in very high demand in the ongoing share sale via initial public offering (IPO) as the issue was subscribed over eight times by 11:40 am on the second day of the issue, data from stock exchanges showed. Tatva Chintan IPO received over 2.71 crore bids for 32.61 lakh shares on the offer, NSE data showed. More than 1.83 crore bids were received at the cut off price.

Retail investors were seen bidding for Tatva Chintan shares in large numbers as the portion reserved for them was subscribed 7.75 times. Portion reserved for non-institutional investors was also subscribed 1.5 times while portion reserved for qualified institutional buyers was subscribed 0.5 times.

Tatva Chintan Pharma's IPO is the fourth specialty chemical company to go public this year after Anupam Rasayan India, Clean Science & Technology and Laxmi Organic Industries.

Tatva Chintan Pharma's Rs 500 crore IPO is an offer for sale worth Rs 225 crore from existing shareholders and promoters and fresh issue of Rs 225 crore. The company is selling shares in the price band of Rs 1,073-1,083 per share.

Retail investors can apply for a minimum one lot of 13 shares and in multiples thereof, extending upto 14 lots.

Tatva Chintan will utilise the IPO proceeds to fund its capital expenditure requirements, expand its Dahej manufacturing facility and upgrade the R&D facility in Vadodara, and for general corporate purposes.

Tatva Chintan Pharma is a specialty chemical manufacturing company located in Vadodara. It exports products to more than 25 countries, including the United States, China, Germany, Japan, South Africa and United Kingdom.

ICICI Securities and JM Financial are the book running lead managers to the issue, whereas Link Intime India is the registrar to the issue.