Tarsons Products IPO got an excellent reaction on first day of its issueLabware company Tarsons Products' initial public deal (IPO) was subscribed 1.09 times on the very first day of its issue, as it received bids for 1.18 crore equity shares out of 1.08 crore on offer.As the business had raised Rs 305.96 crore from anchor investors on November 12 itself, the offer size had been lowered from 1.54 crore equity shares.
The concern closes on November 17.
The part allocated for retail investors was subscribed 2.12 times while non-institutional financiers' portion was subscribed 17 percent.Employees, for whom 60,000 equity shares are booked, have actually put in bids of 24,332 shares.
Qualified institutional purchasers are yet to put in the bids.Tarsons Products is preparing to raise Rs 1,023.84 crore through the general public problem at an upper rate band of Rs 662 per share.
The offer consisted of a fresh problem of Rs 150 crore and a market of Rs 873.84 crore by promoters and investors.It plans to use the earnings from the problem for payment of debt and towards capital expenditure for setting up a brand-new center in Panchla, West Bengal.Tarsons Products is involved in developing, development, production and marketing of consumables, reusables and others, including bench-top equipment.