The initial public offer (IPO) of Tatva Chintan Pharma Ltd.’s Rs 500 crore initial public offer (IPO) continued to attract investor interest even on the third day of bidding. On July 19, the second day of IPO subscription, the issue was subscribed 15.04 times. According to subscription data, Tattva Chintan Pharma Chem IPO was subscribed for 4.90 crore equity shares on the second day.
The issue received subscriptions for 4,90,84,165 shares against 32,61,882 shares offered on the second day. The issue was subscribed 23.73 times for the reserve portion of the retail investors. While non-institutional buyers subscribed the issue 12.21 times, qualified institutional buyers (QIBs) bid 1.96 times on the second day. The IPO got 4.5 times subscription on the first day.
Tattva Chintan Pharma Chem Limited, a chemical manufacturing company started in 1996, is one of the leading global producers of a complete range of Phase Transfer Catalyst (PTC) in India. It manufactures Structure Directing Agents (SDA), PTC, pharmaceutical and agrochemical intermediates and other specialty chemicals.
The company’s target is to raise Rs 500 crore through fresh issue of Rs 225 crore and sale offer of Rs 275 crore by shareholders. Tattva Chintan Pharma Chem had already received Rs 150 crore subscription in the price band of Rs 1,073 to Rs 1,083 from anchor investors on July 15.
Tatva Chintan IPO: Issue craze among investors, fully subscribed within a few hours of opening
Most of the experts and brokerage firms have recommended to subscribe to Tatva Chintan Pharma Chem IPO. The price band has been fixed at Rs 1,073-1,083 per share. Investors can then bid for a minimum of 13 shares. One can bid for a maximum of 14 lots.
The gray market premium of Tattva Chintan Pharma Chem continues to remain strong even on the third day of bidding. Being the primary market, it is likely to get solid interest from the buyers. The issue is on July 20 in the unofficial market asking for a premium of Rs 770.
The chemical company is expected to finalize the IPO share allotment on July 26. Investors are likely to get the refund on July 27. Trading in equity shares will start from July 29.
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