The initial public offering (IPO) of life sciences company Tarsons Products Limited was subscribed 77.49 times on the last day of subscription on Wednesday, helped by huge interest from institutional investors. The initial public offer (IPO) had a fresh issue up to ₹150 crore and an offer for sale of up to 1,32,00,000 equity shares.
The finalization of basis of share allotment of Tarsons Products IPO is expected to take place next week on November 23, 2021 and if allotted, then the credit of shares to demat account of bidders will be done on November 24, 2021. The registrar for this IPO is KFintech Private Limited, therefore the allotment application can be checked on its website here or on the BSE website here.
As per market observers, Tarsons Products shares premium (GMP) have surged in the grey market to ₹210. The company’s shares are expected to list on stock exchanges BSE and NSE on November 26, 2021.
The non-institutional investors category was subscribed 184.58 times, Qualified Institutional Buyers (QIBs) 115.77 times and Retail Individual Investors (RIIs) 10.56 times. It had a price range of ₹635-662 per share.
Tarsons Products is engaged in designing, developing, manufacturing, and supplying a diverse range of quality labware products used in laboratories across research organisations, academic institutes, pharmaceutical firms, diagnostics companies and hospitals. The company currently operates through its five manufacturing facilities located in West Bengal.
The proceeds from the fresh issue will be utilised towards paying debt, funding a part of the capital expenditure for the new manufacturing facility at Panchla in West Bengal, and general corporate purposes. ICICI Securities, Edelweiss Financial Services and SBI Capital Markets were the managers to the offer.
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