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Tarsons Products IPO subscribed 1.09 times on the first day of issue

The Tarsons Products IPO received a good response on the first day of its IPO

The initial public offering (IPO) of the labware company Tarsons Products was subscribed 1.09 times on the first day of issue as it had offers for 1.18 billion.

Since the company had raised Rs. 305.96 billion from anchor investors on November 12, the offer size was increased to 1.54 billion. Issue ends on November 17.

The share intended for private investors was subscribed 2.12 times, the share of non-institutional investors 17 percent.

Employees for whom 60,000 shares are reserved have offered 24,332 shares. Qualified institutional buyers have yet to get into the bids.

Tarsons Products plans to raise Rs.1,023.84 billion through the public offering at an upper price range of Rs. 662 per share. The offer consisted of a reissue of Rs 150 crore and an offer to sell Rs 873.84 crore from promoters and investors.

The proceeds from the issue are to be used to repay debt and invest in building a new facility in Panchla, West Bengal.

Tarsons Products is engaged in the design, development, manufacture and marketing of consumables, reusable materials and others including table top  -pliances.

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