Tarsons Products shares up 5.74% on market debut

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Tarsons Products shares up 5.74% on market debut

Shares of Tarsons Products traded at a premium of 5.74% to the issue price today, marking a tepid listing amid a crash in benchmark indices. The Indian life sciences firm made its market debut at Rs 700 per share, up 5.74 per cent on the Bombay Stock Exchange BSE, compared to the IPO issue price of Rs 662. The firm's market cap increased to Rs 4,211 crore.

The firm has a turnover of Rs 9.16 crore on the BSE, with 1.31 lakh shares of the firm changing hands.

The price band of the IPO was fixed at Rs 635 to Rs 662 per share. The shares were up by 3.02 per cent on the NSE, up 3.02 per cent. The firm's market cap rose to Rs 4,121 crore. There were 48.30 lakh shares of the firm changed hands on the NSE.

The initial public offering IPO was open from November 15 to November 17.

The final day of bidding was the final day when the Tarsons Products IPO was subscribed 77.49 times. The share sale received bids for 84.02 crore equity shares against an offer size of 1.08 crore shares.

The portion reserved for retail investors was subscribed 10.56 times and employees submitted bids for 1.83 times their allotted portion. The company has kept aside 60,000 shares for its employees.

The portion reserved for institutional investors was 115.77 times applied by qualified institutional investors. Non-institutional investors put in bids 184.58 times the portion available for them. The firm has collected 1,024 crore from the share sale.

The IPO has 22 shares for which one would need to spend 14,564 for the whole of the IPO. A maximum of 13 lots, consisting of 286 shares, could be applied for by spending Rs 1,89, 332. The company collected around 306 crore from anchor investors ahead of its IPO.

The issue will be used to pay back all or some of the company's borrowings, funding a portion of the capital expenditure for a new manufacturing facility in Panchla, West Bengal proposed expansion and general corporate purposes.

Tarsons Products Limited is a leading Indian life sciences company with more than three decades of experience in the production and supply of labware. The company produces a wide range of labware products that help advance scientific discovery and improve healthcare systems.