Tarsons Products IPO subscribed 3.58 times on second day

The initial public offer of life sciences company Tarsons Products Limited was subscribed 3.58 times on the second day of subscription on Tuesday.

The Rs 1,023.84-crore IPO received bids for 3,88,07,802 shares against 1,08,44,104 shares on offer, according to NSE data.

The category for Retail Individual Investors (RIIs) was subscribed 4.74 times, non-institutional investors 3.98 times and Qualified Institutional Buyers (QIBs) 1.30 times.

The initial public offer has a fresh issue of up to Rs 150 crore and an offer for sale of up to 1,32,00,000 equity shares.

Price range for the IPO is at Rs 635-662 per share.

Tarsons Products on Friday raised Rs 306 crore from anchor investors.

The proceeds from the fresh issue will be utilised towards paying debt, funding a part of the capital expenditure for the new manufacturing facility at Panchla in West Bengal, and general corporate purposes.

Tarsons Products is engaged in designing, developing, manufacturing, and supplying a diverse range of quality labware products used in laboratories across research organisations, academic institutes, pharmaceutical firms, diagnostics companies and hospitals.

It manufactures a range of quality labware products that help advance scientific discovery and improve healthcare.

The company currently operates through its five manufacturing facilities located in West Bengal.

ICICI Securities, Edelweiss Financial Services and SBI Capital Markets are the managers to the offer.

The equity shares of the company will be listed on BSE and NSE.