Tatva Chintan Pharma Chem IPO subscribed 15.04 times on Day 2

The Tatva Chintan Pharma Chem, on second day, was subscribed 15.04 times. The portion reserved for retail investors was subscribed 23.73 times while non-institutional investors subscribed 12.21 times. The qualified institutional buyers have subscribed their portion 1.97 times. Against the offer size of 32,61,882, investors have bid for as many as 4,90,65,718 shares. The issue opened on Friday, 16 July, and will close on Tuesday, 20 July. The Tatva IPO was subscribed 4.5 times on the day of its opening. The registrar of the Rs 500 crore IPO is Link Intime India Private Limited. Before the issue opened on 16 July, the anchor investors raised Rs 150 crore on 15 July. The IPO consists of fresh issues worth Rs 225 crore and an offer for sale of Rs 275 crore by the promoter group. Reportedly, the shareholding of promoters will be reduced to 79.2 percent after the issue. Tatva IPO price band has been fixed at Rs 1,073-Rs 1,083 per equity share. Tatva Chintan Pharma Chem manufactures chemical materials. It includes items like pharmaceutical and agrochemical intermediates, phase transfer catalyst, electrolyte salts for super capacitor batteries, and structure directing agent. Funds raised by the company through the Tatva IPO will be used to improve its Dahej manufacturing facility and for the upgradation of its Vadodara’s R&D facility. Several analysts have given the Tatva IPO a subscribe rating. Moneycontrol reports BP Equities said that the company serves customers across various industries and geographies due to the wide application of its products. It adds that the product portfolio and strong R&D capabilities of the company are also in its favour.