Tatva Chintan Pharma’s Rs 500 crore initial public offering (IPO) opens for subscription today. The IPO will consist of fresh issue of shares worth Rs 225 crore and an offer of sale amounting to Rs 225 crore by existing promoters and shareholders. The issue will remain open for three days until July 20, 2021 and the shares will be offered in the price band of Rs 1,073-1,083 per share. The shares are likely to be listed on the bourses.
Tatva Chintan Pharma’s IPO will be the fourth specialty chemical company go public in 2021 after Anupam Rasayan India, Clean Science & Technology and Laxmi Organic Industries.
Investors can apply for a minimum one lot of 13 shares and in multiples thereof, extending upto 14 lots.
Tatva Chintan will utilise the IPO proceeds to fund its capital expenditure requirements, expand its Dahej manufacturing facility and upgrade the R&D facility in Vadodara, and for general corporate purposes.
Tatva Chintan Pharma, promoted by Ajaykumar Mansukhlal Patel, Chintan Nitinkumar Shah and Snehkar Rasiklal Somani, is a specialty chemical manufacturing company located in Vadodara. It exports products to more than 25 countries, including the United States, China, Germany, Japan, South Africa and United Kingdom.
ICICI Securities and JM Financial are the book running lead managers to the issue, whereas Link Intime India is the registrar to the issue.