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Home >Markets >Ipo >Tatva Chintan IPO: GMP, subscription status, other details here

Gujarat-based specialty chemical company Tatva Chintan Pharma Chem Limited initial public offering (IPO), which opened for bidding on Friday, was subscribed nearly 180 times on the final day. The price band of the public issue was fixed at 1,073-1,083 per share. The IPO was fully subscribed within hours of opening on Friday as the offer received a strong response from investors.

According to merchant banking sources, the retail segment was subscribed 35 times, institutional segment 186 time and non-institutional 516 times.

As per market observers, Tatva Chintan IPO grey market premium (GMP) is in the range of 700-730. The grey market is an unofficial platform, wherein trading starts after the announcement of IPO price band till the listing of IPO shares.

The 500 crore offer comprises a fresh issue of 225 crore and an offer for sale of up to 275 crore by promoter and promoter group including Ajaykumar Mansukhlal Patel, Chintan Nitinkumar Shah, and Shekhar Rasiklal Somani. Proceeds from the issue will be used for funding expansion of its Dahej manufacturing facility and upgradation at its R&D facility in Vadodara.

ICICI Securities, JM Financial are the book lead managers to the issue whereas Link Intime India is the registrar to the offer. The share allotment is likely to take place on 26 July while the tentative date for listing of the company's shares on NSE and BSE is 29 July.

Tatva Chintan is a specialty chemical manufacturing company engaged in the manufacture of a diverse portfolio of structure directing agents (“SDAs"), phase transfer catalysts (“PTCs"), electrolyte salts for super capacitor batteries and pharmaceutical and agrochemical intermediates and other specialty chemicals.

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