The initial public offering of Tatva Chintan Pharma Chem Ltd. witnessed strong investor interest on the final day of subscription, making it the second-most subscribed issue of the year so far.
The Gujarat-based company's Rs 500-crore issue was subscribed over 182 times at the end of the third day, helping it overtake Nazara Technologies' IPO which was subscribed 175.46 times. Demand from non-institutional investors was extremely robust, while the portion reserved for institutional counterparts subscribed nearly 187 times.
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 3
The IPO was subscribed 182.04 times as of 5:00 p.m. on July 20.
Institutional investors: 186.96 times
Non-institutional investors: 516.99 times
Retail investors: 35.68 times
Research Reports On Tatva Chintan IPO
Diversified Portfolio, Expansion Plan To Drive Profitability: ICICI Direct
Strong R&D Capabilities, Robust Financial Performance: KRChoksey
Robust Financials, Expansion Plans, Wide Product Portfolio: Motilal Oswal
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