Tatva Chintan Pharma Chem IPO has received a massive investor response, getting subscribed a whopping 180.36 times. The IPO received bids for 58,83,08,396 shares against 32,61,882 shares on offer, as per data available with the NSE.
The portion meant for qualified institutional buyers (QIBs) was subscribed 185.23 times, those reserved for non-institutional investors a whopping 512.22 times and retail individual investors (RIIs) quota received 35.35 times subscription.
Tatva Chintan Pharma Chem is a specialty chemical manufacturing company. Its IPO aggregating up to Rs 500 crore comprised a fresh issue of up to Rs 225 crore and an offer for sale of up to Rs 275 crore. Its price range was at Rs 1,073-1,083 per share. The company garnered Rs 150 crore from anchor investors. The IPO was fully subscribed within hours of opening on Friday.
Tatva Chintan IPO GMP
In the grey market, Tatva Chintan IPO is commanding a strong premium. The unlisted shares of Tatva Chintan are trading at a premium of Rs 700-730 over the issue price apiece.
Tatva Chintan IPO allotment status will be out by Monday evening. Investors can check their allotment status on ... The refund will be initiated on Tuesday and shares will be credited into demat account on Tuesday and Wednesday. The shares of Tatva Chintan will be listed on the BSE and NSE on Tuesday (July 29).
The Vadodara-based firm exports most of its products to over 25 countries, including the US, China, Germany, Japan, South Africa, and the UK.
The company said that proceeds from the fresh issue will be used towards funding capital expenditure requirements for expansion of the company's Dahej manufacturing facility; up-gradation of a research and development facility in Vadodara, and general corporate purposes.
READ MORE: What is Neobank? All you need to know
READ MORE: Glenmark Life Sciences IPO to open for subscription on July 27. Check details
Latest Business News
