Tatva Chintan Pharma Chem IPO Subscribed 4.5 Times On Day 1
The Rs 500-crore initial public offering of Tatva Chintan Pharma Chem Ltd. was subscribed more than three times on its first day, led by demand from retail investors.
The specialty chemical maker’s maiden offer comprises a fresh issue of Rs 225 crore and an offer-for-sale by the promoter group for Rs 275 crore, according to its red herring prospectus. The price band has been fixed at Rs 1,073-1,083 apiece. The IPO will close on July 20.
Prior to the IPO, the company raised Rs 149.99 crore from 22 anchor investors at the upper price band.
Tatva Chintan plans to utilise the proceeds to fund capex for its facilities.
Subscription Details: Day 1
The IPO was subscribed 4.55 times as of 5:00 p.m. on July 16.
Institutional: 0.51 times
Non-institutional: 1.15 times
Retail: 8.32 times