Tatva Chintan IPO: The IPO of specialty chemical maker Tatva Chintan has received an overwhelming response. The issue of the company has been subscribed 180.35 times till its last day. The company had issued 32.61 lakh equity shares under the issue. Whereas investors have bid for 58.82 crore shares. The company is raising Rs 500 crore from its issue. While the company has raised Rs 150 crore from anchor investors.
The retail portion of Tatva Chintan IPO is subscribed 35.34 times. On the other hand, the portion of non-institutional investors has been booked 512.22 times.
Portion of Qualified Institutional Buyers is subscribed 185.23 times. The company has received 63,700 crore bids from investors, out of which 18,600 crore are from QIBs.
The issue of the company opened on July 16 and closed on July 20. The company has a fresh issue of Rs 225 crore out of the Rs 500 crore issue. While there is an offer for sale of Rs 275 crore.
50 per cent of the company’s issue is reserved for qualified institutional buyers, 15 per cent for non-institutional investors and 35 per cent for retail investors.
Tattva Chintan was started in 1996. The company manufactures specialty chemicals. It manufactures SDAs (structure directing agents), PTCs (phase transfer catalysts), electrolyte salts for supercapacitor batteries, and pharma and agrochemical intermediates.
The company exports most of its products to 25 countries. These countries include the US, China, Germany, Japan, South Africa and the UK. The company currently has two plants at Ankleshwar and Dahej in Gujarat. Both these plants are near Hazira Port.
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