Tarsons Products Shares List With 6 per Cent Premium At Rs 700 On Debut
The Kolkata-based company has mobilised Rs 1,023 crore through its public offer that was composed of a fresh issue of Rs 149 crore and an offer-for-sale of Rs 873 crore by promoters and investors
New Delhi: Life sciences company Tarsons Products made a positive debut on the bourses on Friday, with shares listing at a premium of around 6 per cent over its issue price. Tarsons is the 52nd firm to list on the mainboard in 2021.
The Kolkata-based company’s stock opened at Rs 700 on the BSE, while the opening price on the National Stock Exchange (NSE) was Rs 682. The stock price went up to touch a high of Rs 832 in intra-day trade.
The company’s maiden IPO had a strong subscription of 77.49 times. Non-institutional investors had bought shares 184.58 times the portion set aside for them and qualified institutional investors put in bids 115.77 times their quota. The portion set aside for retail investors was booked 10.56 times and that of employees was subscribed 1.83 times.
It has mobilised Rs 1,023.47 crore through its public offer that was composed of a fresh issue of Rs 149.63 crore and an offer-for-sale of Rs 873.84 crore by promoters and investor Clear Vision Investment Holdings.
The fresh issue proceeds after issue expenses will be utilised for repaying debts and capital expenditure for its new manufacturing unit in Panchla, West Bengal. The offer had a price band of Rs 635-662 per equity share.
Tarsons manufactures a diverse range of labware products used in research organisations, academic institutes, pharmaceutical firms, diagnostic laboratories and hospitals. It supplies products to over 40 countries in both developed and emerging markets, which accounted for 33 percent of its revenue from operations in FY21.
The company posted a consolidated profit of Rs 68.87 crore on a revenue of Rs 228.91 crore in FY21, however, on a quarterly basis, its consolidated profit was at Rs 24.83 crore on a revenue of Rs 69.15 crore in the quarter ended June 2021.
Tarsons Products is an Indian labware company which started its operations in 1983. It is engaged in designing, developing, manufacturing, and marketing of consumables, reusables and others, including benchtop equipment, used in laboratories across research organisations, academic institutes, pharmaceutical firms, contract research organisations, diagnostic companies and hospitals. The company also manufactures a range of quality labware products that helps advance scientific discovery and improve healthcare. It has a diversified product portfolio with over 1,700 stock-keeping units (SKUs) across 300 products.
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