Labware company Tarsons Products’ initial public offer (IPO) was subscribed 1.09 times on the first day of its issue, as it received bids for 1.18 crore equity shares out of 1.08 crore on offer.
As the company had raised Rs 305.96 crore from anchor investors on November 12 itself, the offer size had been cut down from 1.54 crore equity shares. The issue closes on November 17.
The portion earmarked for retail investors was subscribed 2.12 times while non-institutional investors’ portion was subscribed 17 percent.
Employees, for whom 60,000 equity shares are reserved, have put in bids of 24,332 shares. Qualified institutional buyers are yet to place in the bids.
Tarsons Products is planning to raise Rs 1,023.84 crore through the public issue at an upper price band of Rs 662 per share. The offer consisted of a fresh issue of Rs 150 crore and an offer for sale of Rs 873.84 crore by promoters and investors.
It plans to use the proceeds from the issue for repayment of debt and towards capital expenditure for setting up a new facility in Panchla, West Bengal.
Tarsons Products is involved in designing, development, manufacturing and marketing of consumables, reusables and others, including bench-top equipment.