Tattva Chintan Pharma’s IPO got one and a half times bid within a few hours

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Tattva Chintan Pharma’s IPO got one and a half times bid within a few hours

New Delhi, Jul 16 (PTI) The initial public offering (IPO) of specialty chemicals manufacturer, Tatva Chintan Pharma Chem, on Friday attracted overbought buyers within a few hours of the first day.

As per the data available with the exchanges, 52,48,425 shares had been received for the Rs 500 crore IPO, while only 32,61,882 shares were put on offer. Thus 1.61 times more subscriptions have been received than the shares put up for sale.

As per the updated information on NSE till 12.05 am, the share of shares held by non-institutional investors was subscribed 13 per cent, while that of retail individual investors (RIIs) was subscribed 3.16 times.

In this initial public offering (IPO) of up to Rs 500 crore, new shares worth Rs 225 crore and promoter shares worth Rs 275 crore are being sold.

The IPO will close on July 20.

The application price has been kept in the range of Rs 1,073-1,083 per share.

Tatv Chintan Pharma Chem on Thursday raised Rs 150 crore from anchor investors.

This company, based in Vadodara, is a specialized chemical manufacturing company. The company exports most of its products. Its goods go to more than 25 countries including the US, China, Germany, Japan, South Africa and the UK.

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