Tatva Chintan Pharma Chem Ltd is set to make its mark in the public domain as it gets ready for its listing date that is on July 29. The chemical manufacturer made its market debut with its Rs 500-crore initial public offering (IPO), which saw a good response from investors when it opened for subscription. The Tatva Chintan Pharma Chem IPO was subscribed a massive 180.36 times over the days that it was open for subscription. The issue was open to investors from July 16 to July 20, with a fixed price band of Rs 1,073 to Rs 1,083 per equity share. The face value of the IPO was Rs 10 per equity share. The massive IPO consisted of a fresh issue of Rs 225 crore and an Offer for Sale (OFS) worth Rs 275 crore by its shareholders. On July 28, the successful bidders will see their shares credited to their Demat accounts, a day before the listing.
The Grey Market Premium (GMP) of Tatva Chintan Pharma Chem saw a significant spike since where it stood a week ago. The unlisted share of the chemical manufacturer was reported as trading at Rs 1,100 over the given issue size as per information gathered from IPO Watch. This stands to reason that the premiums were trading at Rs 2,073 to Rs 2,083 per share on the unlisted grey market, which marks a 100 per cent uptake over the initial price band of Rs 1,073 to Rs 1,083 per equity share.
Tatva Chintan Pharma’s public issue received a grand total of 58.83 crore shares worth of bids against the issue size of around Rs 32.61 lakh shares, as per information on the National Stock Exchange (NSE). In terms of lot size and reservations for the public issue, Tatva Chintan Pharma Chem had a lot size of 13 shares on the lower end with an application cut-off amount of Rs 14,079. On the higher end, the issue had a lot size of 182 shares with a cut-off amount of Rs 197,106. From this lot size range, retail investors were allowed a reservation of up to 14 shares at the uppermost lot size. In terms of reservations, the Qualified Institutional Buyers (QIB) had an allocation of 50 per cent, which was subscribed 185.23 times. The Non-Institutional Investors (NII) had a reservation of 15 per cent which was subscribed 512.22 times. In the retail segment, which has a 35 per cent reservation, the subscriptions reached 35.35 times for the category.
The company was born in 1996 as a chemical manufacturer. Tatva Chintan Pharma Chem specialises in the manufacturing of Structure Direct Agents (SDAs), Phase Transfer Catalysts (PTCs), pharmaceutical and agrochemical intermediates, as well as other speciality chemicals. Over the years the company has built a strong business partnership with industry players such as Merck, Bayer AG, Ipox Chemicals, Laurus labs, Navin Fluorine International Limited, Atul Limited, Otsuka Chemicals, SRF Limited, Hawks Chemical Company, Firmenich Aromatics Prod Pvt Ltd, and Divi’s laboratories to name a few. The company caters to customers across a wide variety of industries including, but not limited to, automotive, petroleum, agrochemicals, dyes and pigments, paints and coatings, pharmaceutical, personal care amongst others.
Tatva Chintan Pharma Chem also boasts a diverse customer demographic as it is available abroad as well as in India. The company has a presence of customers in over 25 countries including the US, Germany, South Africa, China and the United Kingdom. The exports to these countries accounted for around 71 per cent of the revenue that was generated in FY21 from operations alone.
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