Tatva Chintan Pharma Chem IPO Subscribed Over 15 Times On Day 2
The Rs 500-crore initial public offering of Tatva Chintan Pharma Chem Ltd. witnessed strong retail investor interest on the second day of subscription as well. Demand from non-institutional counterparts, too, picked up.
The Gujarat-based company's issue was subscribed more than four times on the first day.
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.
Subscription Details: Day 2
The IPO was subscribed 15.19 times as of 5:00 p.m. on July 19.
Institutional investors: 1.98 times
Non-institutional investors: 12.32 times
Retail investors: 23.96 times