Tatva Chintan IPO subscribed 15 times at end of Day-2
The Rs.500 crore IPO of Tatva Chintan Pharmachem, consisting of Rs.225 crore of fresh issue and Rs.275 crore offer for sale, continued to elicit solid response at the end of Day-2. As per the combined bid details put out by the BSE, Tatva Chintan IPO had been subscribed 15.04 times, with most of the demand coming from the retail segment followed by HNI segment. Here is the updated subscription status of the Tatva Chintan IPO at the ned of Day-2.
As of close of 19 July, out of the 32.62 lakh shares on offer in the IPO, Tatva Chintan saw applications for 4.91 crore shares at the end of Day-2. This implies an overall subscription of 15.04 times. The granular break-up of subscriptions is a lot more insightful. The QIB portion got subscriptions for just 1.97X of the allocation quota, but then most QIB applications do come in on the last day. Similarly, the HNI portion got subscribed just 12.21 times, but it must be remembered that the funded applications again come in on the last day of the IPO. The real big story was the retail portion, which is already subscribed 23.73 times at the end of Day-2, showing strong retail investor appetite for the issue.
At the end of Day-2, QIB applications mainly came from FPIs with small chunk from domestic mutual funds and insurance companies. Among retail investors; out of the 16.31 lakh shares on offer, valid bids were received for 3.87 crore shares, of which bids for 2.96 crore shares were received at the cut-off price. The IPO is priced in the band of (Rs.1,073-Rs.1,083) and will close for subscription on Tuesday, 20 July.
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