Shares of Tarsons Products listed at a premium of 5.74% to the issue price today, marking a tepid listing amid a crash in benchmark indices. The Indian life sciences firm made its market debut at Rs 700 per share (up 5.74 per cent) on the Bombay Stock Exchange (BSE) against the IPO issue price of Rs 662. Market cap of the firm rose to Rs 4,211 crore.
Total 1.31 lakh shares of the firm changed hands amounting to a turnover of Rs 9.16 crore on the BSE.
Price band of the IPO was fixed at Rs 635 to Rs 662 per share. On NSE, the shares debuted at Rs 682, up 3.02 per cent. Market cap of the firm rose to Rs 4,121 crore. Total 48.30 lakh shares of the firm changed hands on NSE.
The initial public offering (IPO ) was open from November 15 to November 17.
The Tarsons Products IPO was subscribed 77.49 times on the final day of bidding. The share sale received bids for 84.02 crore equity shares against an offer size of 1.08 crore shares.
The portion reserved for retail investors was subscribed 10.56 times and employees submitted bids for 1.83 times their allotted portion. The company kept aside 60,000 shares for its employees.
Qualified institutional investors applied for 115.77 times the portion reserved for them. Non-institutional investors put in bids 184.58 times the portion available for them. The firm has collected Rs 1,024 crore from the share sale.
Lot size of the IPO was 22 shares for which one would have to spend Rs 14,564. A maximum of 13 lots comprising 286 shares could be applied for by spending Rs 1,89,332. The company collected Rs 306 crore from anchor investors ahead of its IPO.
The proceeds from the issue will be used for repayment/prepayment of all or certain of company’s borrowings, funding a part of the capital expenditure for new manufacturing facility at Panchla, West Bengal (proposed expansion) and general corporate purposes.
Tarsons Products Limited is a leading Indian life sciences company with more than three decades of experience in the production and supply of labware products. The company manufactures a range of quality labware products that helps advance scientific discovery and improve healthcare systems.