Tatva Chintan Pharma Chem IPO: Subscription opens today, Check issue price and GMP
Tatva Chintan Pharma Chem IPO Price, Review, Grey Market Premium: The IPO of Tatva Chintan Pharma Chem will open for retail subscription on Friday. The public issue will close on July 20. The company has fixed a price band of Rs 1,073-1,083 a share for its Rs 500-crore IPO.
The IPO comprises fresh issuance of equity shares worth Rs 225 crore and an offer of sale to the tune of Rs 275 crore by existing promoters and shareholders. The offer for sale size has been increased to Rs 275 crore from Rs 225 crore earlier mentioned in the draft papers.
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.
In the grey market, the unlisted shares of Chintan Pharma Chem are commanding a premium of Rs 600 apiece over the issue price.
The allotment will be finalised on July 26 and refunds will be initiated on July 27. The shares of Tatva Chintan Pharma will be credited to demat accounts of the subscribers on July 28. The IPO will be listed on NSE and BSE on July 29.
Vadodara-based Tatva Chintan is a specialty chemical manufacturing company. The company exports most of its products to over 25 countries, including the US, China, Germany, Japan, South Africa and the UK.
Proceeds from the fresh issue would be used towards funding capital expenditure requirements for expansion of the company’s Dahej manufacturing facility; upgradation of research and development facility in Vadodara; and general corporate purposes.
Latest Business News
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here