Tatva Chintan Pharma Chemicals made a strong debut on bourses today, with its share listing 95% higher to the issue price. Share of Tatva Chintan Pharma listed at Rs 2,111 on BSE against IPO issue price of Rs 1,083.
Market cap of the firm rose to Rs 5,253 crore on BSE.
The stock hit a fresh high of Rs 2,486, rising 129.54% against the issue price.
On NSE too, the stock listed at Rs 2,111.85, gaining 95% to its IPO price.
Price band for the IPO was fixed at Rs 1,073-1,083 per share.
On the last day of subscription, Tatva Chintan Pharma IPO was subscribed 180 times, making it the second-most subscribed offering of 2021.
The IPO which opened on July 16 closed on July 20.
The share sale attracted bids for 588 million shares against issue size of 3.26 million shares. Portion meant for institutional investors was subscribed 185 times, the high networth individual (HNI) portion was subscribed 512 time and the retail portion garnered 35 times subscription.
In March, the IPO of MTAR Technologies had garnered 200 times subscription.
The share sale was fully subscribed within first few hours of the IPO. The IPO received bids for 52,48,425 shares against 32,61,882 shares on offer, amounting to 1.61 times subscription.
On July 15, Tatva Chintan Pharma garnered Rs 150 crore from anchor investors.
Proceeds from the issue will be used toward funding capital expenditure requirements for expansion of the company’s Dahej manufacturing facility; up grade of a research and development facility in Vadodara, and general corporate purposes.
ICICI Securities and JM Financial were the book running lead managers to the offer.