Tarsons Products Limited IPO closes today: Check Subscription Status, GMP, Allotment Date
On the third day of the bidding, the issue was oversubscribed by 5.53 times, and the retail portion was reserved 7 times. NIL was subscribed by 7,54 times
Tarsons Products Limited initial public offering (IPO) issue concluded today, November 17. The three-day IPO of the life sciences form was opened to brisk demand from retail investors. The price band for the IPO of Tarsons Product limited has been fixed at Rs 635 to 662 per equity share. The public issue is expected to fetch Rs 1024 crores at the upper end of the price band. Ahead of its issue, the company had raised Rs 306 crores from anchor investors.
On the third day of the bidding, the issue was oversubscribed by 5.53 times, and the retail portion was reserved 7 times. The non-institutional investors' category was subscribed by 7,54 times and QISs by 1.47 times.
Tarsons Products limited IPO
The initial share sale of the Tarsons Products comprises fresh issuance of equity shares worth Rs 150 crores and an offer for sale by promoters and an investor of 1.32 crore equity shares. According to market observers, the shares premium (GMP) of the company surged in the grey market to Rs 210. It is further expected to list on BSE and NSE on November 26.
The company has reported RoNW of 28.19 per cent in FY21. Tarsons Products Limited has informed that 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.
About Tarsons Products limited
Choice Broking stated that the company's business and profitability increased drastically in the pandemic with respect to its performance in FY20. It added, "However, we believe that the current business growth and profitability expansion is not sustainable. There is a respectable import market for the company to capture and also a huge export opportunity arising from the 'China plus one' strategy, in case the globe adopts this strategy in the post-Covid period. Thus considering the future growth outlook and the demanded premium valuation, we assign a ‘Subscribe with Caution’ rating for the issue".
Tarsons Products is aimed to design, develop, manufacture and supply a diverse range of quality labware products utilized in laboratories across various academic institutes, pharmaceutical firms, diagnostics companies, research organisations, and hospitals. A wide of quality labware products are manufactured by the company that helps in advance scientific discovery and improve healthcare.
(Image: SHUTTERSTOCK)
Published By : Vidyashree S
Published On: 17 November 2021 at 15:38 IST