Tarsons Products shares on Friday listed with a premium of nearly 6 per cent against its issue price of Rs 662. The stock is listed at Rs 700, a gain of 5.74 per cent against the issue price on BSE. It further jumped 22.05 per cent to Rs 808. On NSE, it is listed with a premium of 3.02 per cent at Rs 682.
Tarsons Products’s Rs 1,023.84-crore IPO, which was open for bidding from November 15 to November 17, saw an overall subscription of 77.5 times. The total receiving bids were 84 crore shares as against the 1.1 crore shares on offer. The IPO had a price range of Rs 635-662 per share.
The Kolkata-based company, Tarsons Products also commanded a premium in the grey market ahead of its debut in the secondary market. Grey market is an unofficial market for unlisted securities. Tarsons Products’ grey market premium (GMP) was steady at around Rs 180 on Friday, according to dealers.
“The company saw a good response from the investors and the IPO was subscribed 77 times. The IPO was priced at 34x on annualized Q1FY22 at the upper price band of 662. Tarsons Products Limited is backed by a strong management team with great brand awareness and high-quality goods. It is one of the leading life sciences suppliers in India. The company aims to be debt fee post the IPO and is planning for Capex which will further increase the revenues,” Santosh Meena, Head of Research, Swastika Investmart.
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 currently operates through its five manufacturing facilities located in West Bengal. It manufactures a range of quality labware products that help advance scientific discovery and improve healthcare.
The company said that proceeds from the fresh issue will be utilised towards paying debt, funding a part of the capital expenditure for the new manufacturing facility in West Bengal, and general corporate purposes.
Tarsons Products shares listing comes days after the secondary market debuts of data analytics firm Latent View Analytics and digital payments platform Paytm’s parent, One97 Communications.
