The allotment of shares of the initial public offer (IPO) of Tatva Chintan will be finalised on Monday. Investors can check their allotment status on the issue’s registrar Link Intime as well as BSE.
Tatva Chintan IPO is reportedly quoting at a premium of over Rs 1,050 apiece on the grey market. The Grey market is an unofficial market where shares are traded along with other financial securities. A strong grey market performance suggests a strong listing for the company.
The Rs 500 crore IPO was subscribed 180 times and comprised a fresh issue of Rs 225 crore and an offer for sale of up to Rs 275 crores.
IPO that ran between July 18 to 20 had fixed the price band at Rs 1,073-1,083. The IPO size was Rs 500 crore and it was fully subscribed within a few hours of opening.
You can check the allotment status either via the website of the registrar (Link Intime) or via BSE. Here’s how to check the allotment status:
On Link Intime, the website of the registrar
The allotment status of the IPO will appear if only you have entered the details correctly. If shares are not allotted to you, the blocked amount will be refunded to your bank account.
The issue received a strong response from the investor and was oversubscribed over 180 times on the third day. The offer has received bids for 58.83 crore equity shares against the IPO size of 32.61 lakh equity shares.
The portion reserved for retail investors has been subscribed 35.53 times, while that of the non-institutional investor’s 51.22 times, as per the subscription data available on the exchanges. The qualified institutional buyers have placed bids 185.23 times do the total shares reserved for them.
Brokerages have recommended ‘subscribe’ to the IPO on the backs of robust financials, strong growth potential, diversification, potential play on green chemistry, discounted valuation compared to its peers and niche global placement.
The company plans to use the proceeds for expansion of the Dahej manufacturing facility, and upgradation of the R&D facility in Vadodara.
First Published: IST