Shares of Tarsons Products Ltd. gained on market debut after the Kolkata-based laboratory equipment manufacturer's initial share sale witnessed healthy subscription demand.
The stock listed at Rs 700, a premium of 5.74% over its IPO price of Rs 662, according to Bloomberg data. The scrip then jumped 20%, its upper circuit limit, and was locked at Rs 818.4.
The Rs 1,023.8-crore offer saw 77.5 times subscription on final day.
The retail portion, which constitutes 35% of the total offer, was fully subscribed within a few hours of opening. The IPO consisted of a fresh issue of Rs 150 crore and offer for sale by promoters—Sanjive Sehgal and Rohan Sehgal—and existing investor Clear Vision Investment Holdings Pte.
The company plans to use Rs 62 crore toward capital expenditure and Rs 78.5 crore to pare debt.
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