Tatva Chintan Pharma shares have made a strong debut on the bourses. The shares of the specialty chemical maker listed at Rs 2,111.80 on the BSE, a premium of 95 per cent compared to the issue price of Rs 1,083. At 10;10 am, the shares were trading at Rs 2,367, higher by 119 per cent on the BSE and Rs 2,366, up 118.50 per cent on the NSE.
The specialty chemical maker's Rs 500 crore IPO, which was open between July 18 and 20, was subscribed by a whopping 180.36 times, receiving bids for over 58.83 crore shares against the total issue size of over 32.61 lakh shares. The portion reserved for retail investors was subscribed 35.35 times, the qualified institutional buyers segment attracted 185.23 times and the non-institutional investors group, 512.22 times.
Tatva Chintan Pharma will be the fourth specialty chemical company go public in calendar year 2021 after Anupam Rasayan India, Clean Science & Technology and Laxmi Organic Industries.
Tatva Chintan Pharma, promoted by Ajaykumar Mansukhlal Patel, Chintan Nitinkumar Shah and Snehkar Rasiklal Somani, is among the leading global producers of phase transfer catalysts (PTCs) in India. Located in Vadodara, it exports products to more than 25 countries, including the United States, China, Germany, Japan, South Africa and United Kingdom.
ICICI Securities and JM Financial are the book running lead managers to the issue, whereas Link Intime India is the registrar to the issue.
Meanwhile, the IPO of auto components maker Rolex Rings is currently open for bidding.
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