 "Tatva Chintan Pharma IPO fully subscribed within hours of opening")
The initial public offer of specialty chemical manufacturing company Tatva Chintan Pharma Chem was fully subscribed within the first few hours of opening on the first day of subscription on Friday.
The Rs 500-crore IPO received bids for 52,48,425 shares as compared to 32,61,882 shares on offer, translating into 1.61 times subscription, as per data available with the exchanges.
The portion meant for non-institutional investors received 13 per cent subscription, while those for retail individual investors (RIIs) 3.16 times, according to an update on NSE till 1205 hours.
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 three-day initial public offer (IPO) will close for subscription on July 20.
The offer is in a price range of Rs 1,073-1,083 per share.
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Tatva Chintan Pharma Chem on Thursday garnered Rs 150 crore from anchor investors.
The Vadodara-based firm 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.
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 an research and development facility in Vadodara, and general corporate purposes.
ICICI Securities and JM Financial are the book running lead managers to the offer.
Shares of the company will be listed on NSE and BSE.
For the fiscal ended March 31, 2021, the company posted a profit of Rs 52.26 crore as compared to Rs 37.78 crore in the preceding financial year. It reported a revenue of Rs 300.35 crore against Rs 263.23 crore.
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