Tarsons Products Limited's initial public offer (IPO) was subscribed 77.5 times on Wednesday - the third and final day of the bidding process. Kolkata-based Tarsons Products' public offer received bids for a total of 84 crore shares as against the 1.1 crore shares on offer.
The portion reserved for qualified institutional buyers (QIBs) saw a subscription of 115.8 times the shares on offer. The non-institutional investor and retail investor categories saw subscriptions of 184.6 times and 10.6 times respectively. The portion reserved for employees was booked 1.8 times.
The Tarsons IPO was open for subscription from November 15 to November 17. The IPO comprised fresh issuance of shares up to Rs 150 crore and an offer for sale of up to 1.3 crore shares.
Shares were available for bidding in the price range of Rs 635-662. Prior to the IPO, Tarsons Products raised Rs 306 crore from anchor investors.
Tarsons Products 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. The equity shares of the company are likely to be listed on stock exchanges BSE and NSE on November 26.
First Published: IST