Tatva Chintan Pharma Chem IPO subscribed 180.35 times on its closing day; check details here

The Tatva Chintan Pharma Chem IPO was subscribed 180.35 times on day 3 after the public issue opened on Friday. Against the offer size of 32,61,882, investors have bid for as many as 58,82,96,241 shares. The portion reserved for retail investors was subscribed 35.34 times.

The portion for non-institutional investors was subscribed the most at 512.22 times. The qualified institutional buyers have subscribed their portion 185.23 times.

The Rs 500 crore IPO consists of an offer for sale of Rs 275 crore by the promoter group and fresh issues worth Rs 225 crore. The price band of the IPO has been fixed at Rs 1,073-Rs 1,083 per equity share. The investors are supposed to bid for a minimum of 13 shares. Thereafter, they could bid in multiples of 13 for a maximum of 14 lots. It is expected that the Tatva IPO will be finalised by 24 July.

The Tatva Chintan Pharma Chem IPO opened on Friday, 16 July. It will close on Tuesday, 20 July. The registrar of the Tatva IPO is Link Intime India Private Limited.

The company will be improving the manufacturing facility in Dahej and upgrading its Vadodara’s R&D facility through the funds raised

BP Equities said that Tatva Chintan Pharma Chem serves customers across various industries and geographies due to the wide application of its products. It adds that the product portfolio and strong R&D capabilities of the company are also in its favour, reported Moneycontrol.

The company started in 1996 and manufactures specialty chemicals including phase transfer catalysts, structure directing agents (SDAs), PTCs and pharmaceutical and agrochemical intermediates.