Tatva Chintan Pharma Chem’s IPO oversubscribed 15.03 times on Day 2

Tatva Chintan Pharma Chem’s IPO received an enthusiastic response which was subscribed to nearly 15.03 times on day 2 itself.

The retail portion of the public offering was subscribed 23.72 times. The qualified Institutional Buyers (QIBs) portion was subscribed 1.97 times while the portion reserved for non-institutional investors subscribed 12.21 times.

The price band of the IPO is fixed at Rs1073-1083 per share. An investor can bid for a minimum of 13 shares and in multiples thereof.

The company is planning to raise Rs500cr through its offer comprising a fresh issue of Rs225cr and an offer for sale of Rs275cr by shareholders.

Goldman Sach, HSBC, Axis MF, Aditya Birla MF, Nippon Life AMC, SBI Life Insurance, Aberdeen, HDFC MF and Mirae Asset are some of the institutional investors that have invested in the anchor round.

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( With inputs from indiainfoline)