Promoters Sanjive Sehgal and Rohan Sehgal will offload up to 3.9 lakh and 3.1 lakh equity shares respectively, as part of the OFS. Furthermore, according to Economic Times, up to 1.25 crore equity shares will be divested by investor Clear Vision Investment Holdings Pte Ltd
Life sciences firm Tarsons Products opens its Initial Public Offering (IPO) from today, 15 November. The firm is looking to raise Rs 1,024 crore from the IPO, which will close on 17 November.
The price band of the shares has been set at Rs 635-662 per share. Investors can bid on a minimum of 22 shares, or its multiples. The IPO will consist of an offer for sale (OFS) of 1.32 crore equity shares, plus fresh issue worth Rs 150 crore.
Promoters Sanjive Sehgal and Rohan Sehgal will offload up to 3.9 lakh and 3.1 lakh equity shares respectively, as part of the OFS. Furthermore, according to Economic Times, up to 1.25 crore equity shares will be divested by investor Clear Vision Investment Holdings Pte Ltd.
The company has reserved 60,000 shares for employees, as well as 35 percent of the issue size for retail investors, 15 percent for non-institutional investors (NII) and 50 percent for qualified institutional investors.
The shares of Tarsons Products are available at a grey market premium (GMP) of Rs 200. The shares of the company are expected to be listed on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on 26 November.
The company has already raised Rs 306 crore from anchor investors before the IPO. The anchor investments of Tarsons Products are ICICI Prudential Mutual Fund (MF), Reliance General Insurance Company, Aditya Birla Sun Life MF, Abu Dhabi Investment Authority, Edelweiss MF, Monetary Authority of Singapore, Government of Singapore and Sundaram MF.
The registrar of the IPO is KFintech Private Limited while SBI Capital Markets, Edelweiss Financial Services and ICICI Securities are the lead managers.
The proceeds from the IPO will go towards funding part of the capital expenditure for the new manufacturing facility at West Bengal’s Panchla as well as for paying debt and general corporate purposes.
Tarsons Products is involved in the design, manufacture, supply and development of a wide range of lab-ware products in use across academic institutes, diagnostics companies, research organisations, pharmaceutical firms and hospitals.
The company reported standalone revenue of Rs 184.7 crore in FY19, as per reports, against the consolidated revenue of Rs 234.2 crore in FY 21.