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Tarsons Products IPO fully subscribed, retail portion booked 2 times

The Rs 1,023.84-crore IPO received bids for 1,18,38,926 shares against 1,08,44,104 shares on offer, translating into 1.09 times subscription, according to an update on the NSE.

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The initial public offer of life sciences company Tarsons Products Limited was fully subscribed on the first day of subscription on Monday.

The Rs 1,023.84-crore IPO received bids for 1,18,38,926 shares against 1,08,44,104 shares on offer, translating into 1.09 times subscription, according to an update on the NSE.

The category for Retail Individual Investors (RIIs) was subscribed 2.12 times and non-institutional investors 17 per cent.

The initial public offer has a fresh issue of up to Rs 150 crore and an offer for sale of up to 1,32,00,000 equity shares.

The price range for the offer is at Rs 635-662 per share.

Tarsons Products on Friday raised Rs 306 crore from anchor investors.

The proceeds from the fresh issue will be utilised towards paying debt, funding a part of the capital expenditure for the new manufacturing facility at Panchla in West Bengal, and general corporate purposes.

Tarsons Products is engaged in designing, developing, manufacturing, and supplying a diverse range of quality labware products used in laboratories across research organisations, academic institutes, pharmaceutical firms, diagnostics companies and hospitals.

It 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 are the managers to the offer.

The equity shares of the company will be listed on BSE and NSE.

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