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Lab ware maker Tarsons Products' IPO sees 77.5 times subscription

Economic Times  

The initial public offer (IPO) of Kolkata-based Life Sciences-focused lab ware company Tarsons Products Ltd (TPL) garnered 77.5 times bids. It received applications for 84,02,81,684 shares against on offer 1,08,44,104 shares. The issue of TPL is a mix of fresh equity shares worth INR 150 crore and an offer for sale (OFS) of Rs 873.47 crore by existing shareholders in the range of INR 635-662. Incorporated in 1983, TPL is involved in the production and supply of labware products. The primary capital raised would be used for repayment or prepayment of full or partial borrowings of up to INR78.54 crore, to fund the capital expenditure for a new manufacturing facility at Panchla, West Bengal, and also for general corporate purposes.