Tarsons Products IPO: Initial offer subscribed 77.49 times on last day of issue

Tarsons Products Limited's IPO was subscribed 77.49 times on the last day of subscription on Wednesday.

New Delhi: The initial public offer of life sciences company Tarsons Products Limited was subscribed 77.49 times on the last day of subscription on Wednesday, helped by huge interest from institutional investors.

The Rs 1,023.84-crore IPO received bids for 84,02,81,684 shares against 1,08,44,104 shares on offer, as per NSE data.

The non-institutional investors category was subscribed 184.58 times, Qualified Institutional Buyers (QIBs) 115.77 times and Retail Individual Investors (RIIs) 10.56 times.

The initial public offer (IPO) had a fresh issue up to Rs 150 crore and an offer for sale of up to 1,32,00,000 equity shares.

It had a price range of Rs 635-662 per share.

Tarsons Products on Friday raised Rs 306 crore from anchor investors.

The proceeds from 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.

Tarsons Products is engaged in designing, developing, manufacturing, and supplying a diverse range of quality labware products used in laboratories across research organisations, academic institutes, pharmaceutical firms, diagnostics companies and hospitals.

It manufactures a range of quality labware products that help advance scientific discovery and improve healthcare.

The company currently operates through its five manufacturing facilities located in West Bengal.

ICICI Securities, Edelweiss Financial Services and SBI Capital Markets were the managers to the offer. Also Read: RBI slaps penalty on Shri Kanyaka Nagari Sahakari Bank, Chandrapur, here's why

The equity shares of the company will be listed on BSE and NSE. Also Read: Nirmala Sitharaman at CII Summit: Check 7 key takeaways from FM’s speech