Gujarat-based Tatva Chintan Pharma Chem Ltd's initial public offering (IPO) issue opened on Friday with a fixed price band of ₹1,073-1,083 per share. The IPO will close on July 20.
According to a report in Moneycontrol.com, the IPO was fully subscribed in the initial hour of bidding. The offer was subscribed 1.79 times so far.
The specialty chemical manufacturing company has decided to allocate 13,85,040 equity shares to anchor investors, aggregating the transaction size to ₹150 crore, a circular uploaded on the BSE website showed.
On Thursday, the company said it has garnered ₹150 crore from anchor investors ahead of its initial share sale.
Goldman Sachs India Ltd, Abu Dhabi Investment Authority, Aberdeen Standard Asia Focus Plc, Malabar India Fund Ltd, Axis Mutual Fund (MF), ICICI Prudential MF, HDFC MF, SBI MF, Aditya Birla Sun Life MF and SBI Life Insurance Company are among the anchor investors who participated in the anchor book.
The ₹500-crore IPO comprises fresh issuance of equity shares worth ₹225 crore and an offer of sale to the tune of ₹275 crore by existing promoters and shareholders. The equity shares of the company will be listed on NSE and BSE.
{{/usCountry}}The ₹500-crore IPO comprises fresh issuance of equity shares worth ₹225 crore and an offer of sale to the tune of ₹275 crore by existing promoters and shareholders. The equity shares of the company will be listed on NSE and BSE.
{{/usCountry}}Half of the issue has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.
Proceeds from the fresh issue would be utilised towards funding capital expenditure requirements for expansion of the company's Dahej manufacturing facility and upgrading an R&D facility in Vadodara.
For the fiscal ended March 31, 2020, the company posted a profit of ₹37.78 crore as compared to ₹20.54 crore in the preceding year, while it reported a revenue of ₹263.23 crore against ₹206.3 crore.
(With PTI inputs)